- Pickles’ current executive leadership will remain in place
- Apax has raised and advised funds with aggregate commitments of more than $60 billion
- Apax’s previous investments include TradeMe, KAR Global and Boats Group
Apax Partners LLP has agreed to acquire a majority stake in Pickles, an Australian marketplace for vehicles, industrial and salvage assets. No financial terms were disclosed.
Moving forward, the Pickles family will retain a minority interest in the business and the current executive leadership team will remain in place.
“This has not been an easy decision for our family, but we are excited that the capital injection will accelerate our growth and digitisation plans,” says family member and Chairman Tim Pickles, in a statement. “Having dealt with multiple potential buyers over the years, it became clear to us that Apax is a strong natural fit for Pickles. They bring global experience of digital marketplaces, the capacity to drive us forward, and they share our dedication to providing our clients with an unparalleled level of service.”
Apax has a strong track record investing in online marketplace businesses. 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.
Apax has raised and advised funds with aggregate commitments of more than $60 billion. Apax invests in the following sectors: internet/consumer, tech, services, and healthcare.