Carsales.com to fully acquire Trader Interactive
Aussie vehicle sales platform already owned 49% of Norfolk online marketplace
Australian online auto sales forum Carsales.com Ltd. plans to acquire the remaining 51% of Norfolk-based Trader Interactive from Eurozeo and Goldman Sachs Asset Management for $839.14 million, the companies announced this week.
Carsales.com bought 49% of Trader Interactive in August 2021 for $624 million and will now own the company in its entirety, funding the latest transaction through a combination of equity and debt. The deal is expected to close in the third quarter.
An announcement of the deal placed the Norfolk startup’s enterprise value at $1.87 billion, well above the unicorn threshold.
Founded in 2010, Trader Interactive runs marketplaces for buyers, sellers and renters of powersports and recreational vehicles, aircraft, marine and commercial vehicles, and heavy equipment. Through brands such as Cycle Trader, RV Trader, Commercial Truck Trader and Equipment Trader, it reaches more than 13 million unique monthly users and hosts more than 9,500 dealers. The company has more than 380 employees.
“The first year of ownership has been very successful and we have strong conviction in the quality of the Trader Interactive business, the management team and its growth opportunities,” Carsales.com Managing Director and CEO Cameron McIntyre said in a statement. “Culturally, there is strong alignment between the Carsales and Trader Interactive teams and we are excited to be working more closely together to execute on our strategic objectives.”
Carsales.com was founded in 1997 and operates the largest online platform in Australia for automotive, motorcycle and marine classifieds listings.
“I’ve worked with the Carsales leadership team over the last 12 months and I have been extremely impressed. We can see how compatible we are from a culture and strategy perspective” Trader Interactive CEO Lori Stacy said in a statement. “The backing of Carsales, along with their domain expertise from their worldwide marketplace portfolio, will enable us to accelerate innovation across all of our verticals, while refining and improving both the buying and selling experiences for our consumers and dealers alike.”