Providence Equity Partners has acquired the used car portal La Centrale from Axel Springer for over €400 million, aiming to enhance its service offerings in the growing digital automotive market.
Information on the Target
La Centrale, a prominent used car portal in France, is set to undergo a significant ownership change. Previously owned by German media conglomerate Axel Springer since 2014, the company has been on the lookout for a new buyer. This effort was managed by Lazard, as reported by Capital Finance on October 20. The final bidding saw a competition primarily between Providence Equity Partners and the German site AutoScout24, owned by Hellman & Friedman since December 2019. Ultimately, Providence Equity Partners emerged as the winning bidder, with the acquisition expected to be completed by the end of Q1 2021 subject to regulatory approval.
The deal is believed to have been valued at over €400 million, exceeding Axel Springer’s expectations. La Centrale boasts approximately 40 million monthly visitors across its platforms, including La Centrale, Promoneuve, Caradisiac, and MaVoitureCash, and features around 330,000 car listings. Providence aims to enhance the service offerings for both buyers and sellers in the automotive market and provide additional value to car users.
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Industry Overview in France
The used car market in France has shown robust growth, driven by increasing demand for affordable transportation options and a shift in consumer preferences towards pre-o
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Providence Equity Partners
invested in
Groupe La Centrale
in 2021
in a Buyout deal
Disclosed details
Transaction Size: $475M
Enterprise Value: $475M