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Funds advised by Apax to acquire majority stake in Pickles

Pickles Auctions Pty Limited (Pickles), an Australian marketplace for vehicles, industrial, and salvage assets, is to sell a majority share of its business to funds advised by global private equity firm Apax Partners (Apax).

Privately owned since 1964, the business is now at an inflection point and the family has decided now is the right time to bring in outside investment, utilising the additional capital to fuel future growth. The transaction is expected to close by the end of the year. The Pickles family will retain a minority interest going forward and the current executive leadership team will remain in place.
   
The Apax Funds have a strong track record investing in online marketplace businesses, combining extensive digital investment expertise with deep operational value-add. Previous investments include TradeMe in New Zealand, KAR Global and Boats Group in the US, Auto Trader in the UK, Trader Corporation in Canada and Idealista in Spain.

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