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International Internet Magazine. Baltic States news & analytics Friday, 29.03.2024, 06:22

BaltCap sells Estonian auto24 to Apax Partners

BC, Tallinn, 22.08.2019.Print version
BaltCap Private Equity Fund II (BPEF II) has entered into an agreement to sell auto24, a leading automotive classifieds portal in Estonia, to Baltics' leading classifieds portals operator Baltic Classifieds Group (BCG), which was recently acquired by one of the world's largest private capital investment firms Apax Partners, reported LETA/BNS.

Completion is expected to take place later this year, subject to regulatory approvals. The parties have agreed to not disclose financial details of the transaction, BaltCap said.


Justinas Simkus, CEO of BCG, said that the acquisition of auto24 will take forward BCG's strategy to invest in the Baltic classifieds business.


The acquisition of auto24 will diversify BCG's portfolio of online portals. The transaction represents BCG's first add-on since it was acquired by funds advised by Apax Partners, the global private equity advisory firm, in July 2019.


The auto24.ee classified portal in Estonia offers car, motorbike, boat and heavy equipment advertising. Auto24 also operates the Kuldne Bors generalist classifieds site in a variety of categories. BaltCap and the management of auto24 acquired the company from Sanoma Media Finland OY in 2017.


"I would like to thank the management team of auto24 for their professionalism and commitment during the last three years. It was a great to support the company's development and I wish the team success in the future," Oliver Kullman, Partner at BaltCap, said.


"I would also like to highlight the role of local pension funds in the transaction -- they participated both as investors in BaltCap Private Equity Fund II (BPEF II), and in case of LHV Varahaldus also by providing debt instruments. This is a good example of how pension funds can invest in the local economy," Kullman said.


Baltic Classifieds Group is a portfolio of online platforms in the Baltics, specializing in five key markets: specialized classifieds for automotive, real estate and jobs; generalist classifieds and e-commerce. 


Apax Partners is a leading global private equity advisory firm. Over its more than 40-year history, Apax Partners has raised and advised funds with aggregate commitments of over 50 bn US dollars. The Apax Funds invest in companies across four global sectors of technology and telecommunication, services, healthcare and consumer.


BaltCap was advised by Superia Corporate Finance, Ellex Raidla and KPMG. Baltic Classifieds Group was advised by Simpson Thacher & Bartlett LLP and Cobalt.






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