Apax to Acquire 30 Percent of Dealer.com
Dealer.com, an automotive internet marketing solutions provider, announced that Apax Partners will acquire Yellow Media Inc.’s 30 percent share of the company.
BURLINGTON, Vt. — Dealer.com, an automotive internet marketing solutions provider, announced that Apax Partners will acquire Yellow Media Inc.’s 30 percent share of the company. The change in minority ownership follows an announcement that Yellow Media Inc. is selling Trader Corporation, which includes its ownerships stake in Dealer.com, to Apax Partners. The transaction is expected to close in June 2011.
“We welcome the opportunity to work with Apax as a new business partner and shareowner, as this presents an opportunity to benefit from their business experience and resources as we continue to grow our operations,” said Mark Bonfigli, CEO of Dealer.com. “We greatly appreciate everything that Yellow Media Inc. has done for us as an investor and have enjoyed working with them tremendously.”
“We also look forward to partnering with the founders of Dealer.com and support the business on its strong growth trajectory,” said Mitch Truwit, partner at Apax Partners.
The sale comes on the heels of several years of sustained growth for Dealer.com, with revenues jumping 60 percent last year to $85 million, according to the company. The new ownership also is not expected to impact the daily operations of Dealer.com, interactions with its customers or employees, or implementation of its services.
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