Permira Funds makes EUR1.9bn strategic investment in Adevinta
Permira, a global private equity firm focused on growth at scale, has made a strategic investment in Adevinta ASA (Adevinta).
Funds advised by Permira have agreed to acquire approximately 125 million shares in Adevinta from eBay Inc (eBay), representing a 10.2 per cent ownership. Upon closing of the transaction, Permira Partner and Head of Consumer, Dipan Patel, will join the Board of Directors of Adevinta.
Adevinta represents a unique platform in online classifieds. Its global portfolio includes leading marketplaces such as Leboncoin in France, mobile.de and eBay Kleinanzeigen in Germany, Marktplaats in the Netherlands and OLX in Brazil. The Company is well positioned for future growth, with opportunities to scale its transactional capability as well as expand its offering into next generation models in the automotive, real estate and jobs markets.
“We have long been admirers of Adevinta and are delighted to make this investment,” says Dipan Patel. “Adevinta is home to some of the world’s most iconic online classifieds brands, combining growth, scale, margin and economic resilience. With leading positions in 16 countries covering one billion consumers, the Company is situated right at the heart of the rapidly transforming auto, real estate and jobs end markets, as well as the acceleration of sustainable commerce through its horizontal platforms.”
“Adevinta is early in the development of its next generation business models for both its professional customers and consumers. The Company’s growth ambitions, and the expertise required to deliver them, overlap perfectly with what Permira does best, and we are thrilled to be partnering with a world-class management team and board to realise the opportunity ahead,” says Stefan Dziarski, Permira Partner in Frankfurt.
Rolv Erik Ryssdal, CEO of Adevinta, says: "Permira has a strong track record in investing in both online marketplaces and the broader technology sector. We are confident that Permira will be able to use this expertise to support Adevinta in capturing further value for all shareholders and ultimately add to our success as the global online classifieds leader.”
Orla Noonan, Chair of the Adevinta Board, adds: "We are pleased to welcome Permira as a strategic shareholder in Adevinta and Dipan Patel to the Board of Directors. Permira will bring their vast experience of integrating large-scale projects to our acquisition of eBay Classifieds Group."
Jamie Iannone, CEO of eBay, adds: ”We are delighted to introduce a world-class growth investor with technology and integration expertise to Adevinta’s shareholder base.”
Closing of the transaction is expected in Q4 2021 and is subject to regulatory approvals and customary closing conditions. Permira will in due course make appropriate regulatory notification of large shareholding.