The largest online marketplace in Australia to add Trader Interactive’s US marketplaces to their brand portfolio
VIRGINIA BEACH, Va., June 27, 2022 /PRNewswire/ — carsales.com Ltd (carsales), the largest online marketplace in Australia focusing on the automotive, motorcycle, and marine realms, 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 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 utilizing 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 Chief Executive Officer. “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.” Managing Director & Chief Executive Officer of carsales Cameron McIntyre said of the acquisition.
“I wish to thank our sponsors, Eurazeo and Goldman Sachs Asset Management, for their support over the past few years. 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,” said Lori Stacy.
“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.”
About Trader Interactive
Trader Interactive connects buyers and sellers in the powersports, recreational vehicle, commercial vehicle, and heavy equipment industries through a broad portfolio of marketplaces that reach 13 million unique monthly visitors. Linked by a widely recognized family of “Trader” trademarks dating back several decades, the company’s brands include lifestyle vehicle marketplaces Cycle Trader, RV Trader, ATV Trader, PWC Trader, Snowmobile Trader, Aero Trader, and Trade-A-Plane, as well as commercial vehicle marketplaces Commercial Truck Trader, Equipment Trader, NextTruck, Rock & Dirt, and Tradequip. Additionally, the company portfolio includes Statistical Surveys, the leading provider of market share data to the lifestyle vehicle industries. For more information, visit www.TraderInteractive.com.
About carsales.com Ltd
Founded in 1997, carsales.com Ltd (ASX: CAR) operates the largest automotive, motorcycle and marine classifieds business in Australia and Encar, the leading automotive business in South Korea. carsales wholly owns classifieds businesses in Mexico, Argentina and Chile and is a significant minority shareholder of webmotors in Brazil. carsales is regarded as one of Australia’s original disruptors and has expanded to include a large number of market-leading brands. The carsales network is Australia’s number one online destination for buying and selling cars, motorbikes, trucks, boats, caravans and machinery equipment. carsales has world leading technology and advertising solutions that can be leveraged across its businesses around the world. Find out more at www.carsales.com.au
About Eurazeo
Eurazeo is a leading global investment company, with a diversified portfolio of €32 billion in assets under management, including nearly €23.2 billion from third parties, invested in 530 companies. With its considerable private equity, venture capital, private debt as well as real estate and infrastructure asset expertise, Eurazeo accompanies companies of all sizes, supporting their development through the commitment of its nearly 360 professionals and by offering deep sector expertise, a gateway to global markets, and a responsible and stable foothold for transformational growth. Its solid institutional and family shareholder base, robust financial structure free of structural debt, and flexible investment horizon enable Eurazeo to support its companies over the long term.
Eurazeo has offices in Paris, New York, London, Frankfurt, Berlin, Milan, Madrid, Luxembourg, Shanghai, Seoul, Singapore and Sao Paulo.
Eurazeo is listed on Euronext Paris.
ISIN: FR0000121121 – Bloomberg: RF FP – Reuters: EURA.PA
About Goldman Sachs Asset Management
Bringing together traditional and alternative investments, Goldman Sachs Asset Management provides clients around the world with a dedicated partnership and focus on long-term performance. As the primary investing area within Goldman Sachs (NYSE: GS), we deliver investment and advisory services for the world’s leading institutions, financial advisors and individuals, drawing from our deeply connected global network and tailored expert insights, across every region and market—overseeing more than $2 trillion in assets under supervision worldwide as of March 31, 2022. Driven by a passion for our clients’ performance, we seek to build long-term relationships based on conviction, sustainable outcomes, and shared success over time. Goldman Sachs Asset Management invests in the full spectrum of alternatives, including private equity, growth equity, private credit, real estate and infrastructure. Established in 1986, the Private Equity business within Goldman Sachs Asset Management has invested over $75 billion since inception. We combine our global network of relationships, our unique insight across markets, industries and regions, and the worldwide resources of Goldman Sachs to build businesses and accelerate value creation across our portfolios.
SOURCE Trader Interactive