carsales.com Ltd (carsales), the largest online marketplace in Australia focusing on the automotive, motorcycle and marine segments, has announced the intention to purchase the remaining 51% of Trader Interactive from the current investors, Eurazeo and Goldman Sachs Asset Management to bring their holding up to 100%.
The official announcement was made before the ASX this morning. The move to acquire Virginia Beach, Virginia-based Trader Interactive first started last year, when carsales purchased 49% of Trader Interactive in August of 2021. The deal is expected to conclude in late Q3.
Through its industry leading brands such as Cycle Trader, RV Trader, Commercial Truck Trader and Equipment Trader, Trader Interactive connects over 13 million consumers monthly to over 9,500 dealers while providing customers with innovative solutions to improve their profitability and drive a more seamless experience with their buyers.
The acquisition of Trader Interactive by carsales furthers Trader Interactive's goal of transforming lifestyles and livelihoods through innovative digital solutions that seamlessly connect people to vehicles for work and play, and to pioneer digital solutions that empower our customers to reach consumers searching for their next vehicle or service by using the international experiences of the carsales brand portfolio.
"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," said Lori Stacy, Trader Interactive's CEO. "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."
"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. 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," said Cameron McIntyre, managing director and CEO of carsales.
"I wish to thank our sponsors, Eurazeo and Goldman Sachs Asset Management, for their support over the past few years,” Stacy said. “They have been tremendous partners leveraging their consumer focus and technology experience which supported our most recent phase of growth. They have been great supporters of our strategy and we appreciate the value they have brought through their experience and aligned vision. It has been a pleasure to work with them.”
"We are delighted to have partnered with Trader over the past five years and would like to especially thank the Trader management team, as well as our partners at Eurazeo, for their strong partnership and support for the company," said Harsh Nanda, managing director and head of Technology within Private Equity, and Joon Park, managing director in Private Equity within Goldman Sachs Asset Management. "Since we invested in Trader, the company has achieved rapid innovation and growth, further strengthening its leadership position in each of the marketplace verticals it serves. We believe carsales will continue to be a strongly synergistic partner for Trader and we wish them continued success in their next phase of growth."
Vivianne Akriche, managing director and Henri Domange, Director at Eurazeo, added, "We want to thank Lori and the team for their strong leadership and incredible partnership over the last five years. We have enjoyed the opportunity to support Trader Interactive, alongside our partners at Goldman Sachs Asset Management, as they have grown share and advanced the value they provide to their customers. We look forward to continuing to watch Trader Interactive and carsales successfully grow their businesses together globally."
Trader Interactive’s portfolio includes Cycle Trader, ATV Trader, PWC Trader, Snowmobile Trader and Statistical Surveys.