NEW YORK, Dec. 1, 2021 /PRNewswire/ -- O3 Industries ("O3"), together with Frankfurt-based private equity fund Novum Capital ("Novum"), has acquired Gumtree UK and Motors.co.uk in a carve-out from the global online classifieds specialist Adevinta ASA ("Adevinta"). The divestiture is part of Adevinta's remedies proposed to the UK Competition and Markets Authority in order to complete the acquisition of eBay Classifieds Group, including, amongst others, the German classifieds sites mobile.de and eBay Kleinanzeigen.
Gumtree is one of the UK's leading digital classifieds platforms, connecting millions of buyers and sellers, to create thousands of successful transactions every day. Motors.co.uk is one of the UK's leading car search websites helping UK car dealers reach millions of buyers each month.
O3 and Novum Capital, through the joint purchasing vehicle Classifieds Group Limited, have already shown huge determination and commitment to the businesses during the acquisition process and look to their future with ambition and optimism. The management and the new shareholders are looking forward to driving the company's growth as an independent business.
Rolv Erik Ryssdal, Adevinta CEO, said: "We are pleased to have completed the sale of Gumtree UK and Motors.co.uk to Novum Capital and O3. [...] We are confident that O3 and Novum Capital together are well placed to continue growing Gumtree UK and Motors.co.uk as they focus on providing leading classifieds advertising services to the UK market."
Daniel Ozen, President of O3 Industries, said: "We are excited to have reached this agreement to acquire Gumtree UK and Motors.co.uk, an iconic general classifieds as well as automotive marketplace. O3 Industries is a trusted partner for businesses that have both a demonstrated record of innovation and customer service and, at the same time, clear opportunities for continued growth. That is precisely what we see in Gumtree UK and Motors.co.uk. We look forward to working with its talented and experienced team and welcoming its associates into the O3 family."
Felix Homann, Partner of Novum Capital, added: "Gumtree UK's value proposition is more vital than ever, enabling consumers to participate more in the circular economy by buying and selling second-hand. Likewise, Motors.co.uk supports car dealers in satisfying the growing demand from consumers for a great online car buying experience. We are excited to put our expertise and passion to work in order to seize the opportunities this presents."
About O3 Industries
Headquartered in New York, O3 Industries is a family investment fund focused on executing complex acquisitions and undertaking strategic transactions requiring divisional carve-out experience. O3 creates value by combining entrepreneurial spirit and operational expertise, delivering industry leading results over the long-term. Find out more at o3industries.com.
About Novum Capital
Novum Capital invests in small and medium-sized companies with annual revenues of up to 200 million euros on behalf of German and international pension funds, private pension schemes, and endowments. The two active Novum Capital funds have 225 million euros of assets under management. Novum Capital uses these funds to implement succession plans, carve-outs, majority holdings, minority holdings – and above all to achieve growth and the best possible crisis resilience. Find out more at novumcapital.com.
Adevinta is a global online classifieds specialist, operating digital marketplaces in 15 countries. The company provides technology-based services to connect buyers with sellers and to facilitate transactions, from job offers to real estate, cars, consumer goods and more.
Adevinta's portfolio spans more than 40 digital brands, covering one billion people and attracting approximately three billion average monthly visits. Leading brands include top-ranked leboncoin in France, Germany's leading classifieds sites mobile.de and eBay Kleinanzeigen, Marktplaats in the Netherlands, Kijiji in Canada, fotocasa and InfoJobs in Spain, and 50% of fast-growing OLX Brasil. Adevinta spun off from Schibsted ASA and publicly listed in Oslo, Norway in 2019. Adevinta employs around 7,500 people committed to supporting users and customers daily. Find out more at Adevinta.com.
Press release distributed by PRLog
SOURCE O3 Industries