PSG's Imaweb sale moves to second round

Binding offers for Madrid-based Imaweb, which provides digital SaaS solutions for the automotive sector, are due in the next week, one of the sources said. PSG received letters of intent in December, another source familiar added.

BlackRock, Onex and Keyloop, a Francisco Partners-owned direct competitor of Imaweb, are heard to be among suitors invited to join phase two of the process, one of the sources and a banker following the situation said.

However, another source suggested that Onex has dropped out of the process. Bridgepoint showed initial interest in Imaweb, too, although it is unclear whether it remains in the running, one source noted.

Imaweb, which operates an integrated cloud-based platform for franchised car dealers and their OEMs, generated around EUR 25m in EBITDA in 2022, a figure that could rise to EUR 30m or more this year, a banking tracking the situation said.

Mergermarket reported in October that PSG had appointed Jefferies to manage the sale of Imaweb, which serves more than 9,500 dealers and 19 OEMs across Europe. The company generates around EUR 100m in annual revenues, the report added.

The sale process is advancing slowly, one of the sources said. The automotive market is challenging and saturated at the moment, another added, pointing to Dutch carmaker Stellantis’ decision last month to cut around 20% of its retail outlets in France.

PSG first acquired a majority stake in Imaweb in May 2019, before combining it with French auto software development company DATAFIRST-I’Car Systems in September of the same year, as reported. The company’s sole lender is Bridgepoint Credit.

Imaweb has more than 900 employees and is present in 22 European countries, with main offices in Austria, Belgium, France, Germany, the Netherlands, Portugal, Spain and Switzerland, according to its website. It was founded in 2000, as per its LinkedIn profile.

PSG and Keyloop declined to comment. Imaweb, BlackRock, Bridgepoint, Onex and Francisco Partners did not return requests for comment.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Exits
• Buyouts
• Southern Europe
• Technology
• Providence Equity Partners
• Spain