Liberty Corporate Finance is pleased to announce exchange of contracts on the secondary buy out of CarTrawler.
BC Partners, a leading European private equity firm, have reached an agreement to acquire a majority stake in car rental technology platform CarTrawler from the Company’s founders, other individual shareholders and ECI Partners. Insight Venture Partners is co-investing in the business by acquiring a minority stake, whilst the management team will be retaining a significant shareholding. Completion of the deal is subject only to competition clearance formalities. Terms of the deal are not disclosed. Based in Dublin, CarTrawler is the leading global provider of multi branded car rental solutions to partners in the travel industry, including airlines, OTAs and other online travel related operators. It operates online car rental sites under the Holiday Autos and Argus Car Hire brands.
It also has over 1,000 partners, connecting end customers to more than 1,200 suppliers across 30,000 pickup locations.
The management team have plans to continue to grow the business through enhancing CarTrawler’s already impressive track record in assisting its partners in the travel industry provide seamless car rental functionality, as well as through expanding CarTrawler’s presence across international markets. Mike McGearty, CEO of CarTrawler said: “Liberty Corporate Finance played a key role during the transaction as an advisor to the management team and we were delighted with their support in securing a great result.” Michael McDonagh added: “We have really enjoyed working with Mike, Bobby, David and the whole CarTrawler team. They have been truly visionary in building CarTrawler’s innovative technology platform for car rental solutions and in developing its commercial acumen. We look forward to seeing them continue to drive the business forward with BC Partners and Insight Venture Partners support.”