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Providence sells 25 per cent Auto Trader Holding to co-owner Cox

3 Jan 2014

car-dashboard_sq2Providence Equity Partners has sold its 25 per cent stake in online car sales business Auto Trader to Cox Enterprises, which now holds 98 per cent of the Auto Trader Group.

The private equity firm bought into Auto Trader in 2010 to help accelerate the company’s growth, and has since seen it acquire Automotive Information Systems Haystak Digital Marketing, HomeNet Automotive, Kelley Blue Book, vAuto and VinSolutions.

Providence was believed to have been considering floating Auto Trader’s stock early in 2012.

Michael Dominguez, managing director at Providence, said, “We are extremely gratified to have partnered with Cox and the AutoTrader team.

“Through strategic acquisitions and the introduction of dealer software solutions, they have advanced the original vision of the company and created a game changer.

“AutoTrader has redefined the online auto marketplace and the entire auto shopping experience for the better.

“It exemplifies the type of media company we seek to invest in around the world. We are proud to have contributed to its growth and believe the company has a very bright future ahead.”

Providence is believed to have hit a reduced $5bn target for its latest private equity fund last summer.

Copyright © 2014

Providence Equity Partners has sold its 25 per cent stake in online car sales business Auto Trader to Cox Enterprises, which now holds 98 per cent of the Auto Trader Group.

The private equity firm bought into Auto Trader in 2010 to help accelerate the company’s growth, and has since seen it acquire Automotive Information Systems Haystak Digital Marketing, HomeNet Automotive, Kelley Blue Book, vAuto and VinSolutions.

Providence was believed to have been considering floating Auto Trader’s stock early in 2012.

Michael Dominguez, managing director at Providence, said, “We are extremely gratified to have partnered with Cox and the AutoTrader team.

 

“Through strategic acquisitions and the introduction of dealer software solutions, they have advanced the original vision of the company and created a game changer.

 

“AutoTrader has redefined the online auto marketplace and the entire auto shopping experience for the better.

 

“It exemplifies the type of media company we seek to invest in around the world. We are proud to have contributed to its growth and believe the company has a very bright future ahead.”

 

Providence is believed to have hit a reduced $5bn target for its latest private equity fund last summer.

 

Copyright © 2014

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