Baltcap sells Auto24 to Apax-backed Baltic Classifieds

Apax acquired Baltic Classifieds in May this year for around €150m, marking its first investment in the Baltic region.

Auto24 is the first bolt-on since Apax's investment and diversifies the group's online portal portfolio.

Details of the transaction were not disclosed, but Lithuanian publication Verslo Sinios said deal value could be €60-70m.

Previous funding
Baltcap acquired Auto24 from Sanoma Media Finland in 2017, investing alongside management. The GP tapped Baltcap Private Equity Fund II for the transaction.

Company
Auto24 was founded in 2004 and is headquartered in Tallinn, Estonia. It connects buyers and sellers of cars through its online platform itsauto24.ee. It also operates a generalist classified ad site kuldenbors.ee.

People
Baltcap – Oliver Kullman (partner).
Auto24 – Margus Tomberg (CEO).

Advisers
Vendor – Superia Corporate Finance (corporate finance); Ellex Raidla (legal); KPMG (financial due diligence).
Acquirer – Simpson Thacher & Bartlett (legal); Cobalt (corporate finance).

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• Topics
• Exits
• Portfolio management
• CEE
• Consumer
• Apax Partners
• Estonia
• Build-up
• Trade sale
• Baltcap Management Ltd