Providence buys La Centrale

Following the deal, which is expected to close in Q1 2021, Axel Springer will retain a minority stake in the business.

La Centrale was put on the market in September 2020, when Axel Springer hired Lazard to run the sale. The company was marketed at a valuation of around 10-15x EBITDA, according to Unquote sister publication Mergermarket.

The process attracted several bidders: in addition to Providence, ICG and AutoScout24, a German online marketplace for cars owned by Hellman & Friedman, showed interest in acquiring a stake in the company, according to French press reports.

Providence intends to further drive the growth of La Centrale both in France and internationally, while supporting the development of its multi-dimensional digital platform.

Headquartered in Providence, RI, with offices in New York and London, Providence is a global private equity firm with $44bn in aggregate capital commitments. Since its inception in 1989, the firm has invested in more than 170 companies, with a special focus on the media, communications, education, software and services industries.

Company
Based in Paris, La Centrale is a digital marketplace that provides car classifieds.

The group comprises four brands through which it covers the entire lifecycle of a vehicle: La Centrale, Promoneuve, Caradisiac and MaVoitureCash.

People
Providence Equity Partners – Karim Tabet (senior managing director), Robert Sudo (managing director).
Axel Springer – Stephanie Caspar (president for national news media & marketplaces).

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