eBay sold its portfolio of online classifieds sites this year and gained a stake in Adevinta, the new owner. Today, Adevinta announced it sold two of the properties to investor firms.
Gumtree UK and Motors.co.uk now belong to a consortium consisting of O3 Industries (“O3”), a New York-based family investment fund, and Novum Capital, a private equity firm based out of Frankfurt.
The sale is part of a previous agreement with the UK’s Competition and Market Authority (CMA) for approval of Adevinta’s acquisition of eBay Classifieds Group (“eCG”).
Adevinta CEO Rolv Erik Ryssdal said in a press release announcing the deal: “We are pleased to have completed the sale of Gumtree UK and Motors.co.uk to O3 and Novum Capital. There was a high level of interest throughout the sale process, reflecting the quality of the Gumtree UK business and management team. We are confident that both O3 and Novum Capital are well placed to continue growing Gumtree UK and Motors.co.uk as they focus on providing leading classifieds advertising services to the UK market.
“The acquisition of eCG was a significant milestone for Adevinta, and we remain focused on successfully integrating the two businesses. The combination provides us the scale, expertise and talent to build innovative, world-class products that create value for all of our stakeholders.”
It noted that in 2020, Gumtree UK and Motors.co.uk accounted for c. 7% of consolidated revenues for eBay Classifieds Group and c. 4% for total Adevinta. You can find the full press release on the Adevinta website. And if you follow the classifieds industry, AIM Group has an article about Adevinta’s plans to double its motors revenues by 2026 (you must be a subscriber to read its articles).
