The assets being acquired comprise AutoTrader.ca, online automotive classified marketplace in Canada, and approximately 30% interest in Dealer Dot Com, a digital dealer marketing service provider in the US and Canada.
Mitch Truwit, partner at Apax Partners, said this is a very exciting online opportunity in a sector that Apax knows very well thanks to their existing investments in Trader Media Group in the UK, Bankrate in the US and SouFun in China.
"We will use this expertise to work with the management of Trader and invest in the heritage AutoTrader brand to realise its full potential and allow it to enhance its leadership position. We also look forward to partnering with the founders of Dealer Dot Com and support the business on its strong growth trajectory," Truwit said.
The transaction is subject to regulatory approvals and other customary conditions.
