Private equity firm Apax Partners has withdrawn its proposed $792m acquisition of UK automotive services and software provider Pinewood Technologies, citing challenging market conditions, according to a report by Reuters.
The London-listed company, which provides a cloud-based platform for car dealerships and manufacturers, had seen its shares jump nearly 30% following Apax’s late January approach. Apax had indicated that a formal offer could be tabled by 26 February, but ultimately decided to step back from the deal.
The decision reflects the current caution among private equity firms navigating volatile market conditions and rising capital costs, which have affected valuations across the UK mid-market. Pinewood Technologies had previously attracted multiple bids from London-based investors, highlighting strong strategic interest in automotive software platforms despite broader market headwinds.
Neither Apax nor Pinewood reportedly provided further details on the market factors behind the withdrawal.
