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Apax buys remaining half of Trader Media Group for £600m-plus

21 Jan 2014

auto trader_sqLondon-headquartered private equity firm Apax Partners has agreed to buy the 50.1 per cent of Trader Media Group it does not own from its joint venture partner Guardian Media Group.

Apax bought a 49.9 per cent stake in the business in 2007, valuing it at £1.35bn. TMG operates one of the UK’s best used website and digital marketplaces for motorists.

Financial details were not disclosed, but several reports put the buyout price at between £600m and £700m.

The business posted EBITDA of £142.9m for the year ending in March 2011, but had £600m of debt.

Reports at the end of 2012 suggested Apax had expressed an interest in buying the remaining half of TMG it did not already own, which apparently flushed out interest from firms including KKR.

KKR was reportedly considering a £1.8bn takeover bid for TMG as one of several private equity firms eyeing up the company.

German media conglomerate Bauer was also said to be considering a bid.

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