ABN Amro, Vortex Capital buy majority stake in CarsOnTheWeb
28 Dec 2016
Vortex Capital Partners and Dutch ABN Amro Participaties, the investment branch of ABN AMRO Bank, have acquired a majority stake in the European used-car auction site CarsOnTheWeb for an undisclosed amount. The company currently sells 40,000 used cars a year and intends to use the funds raised to expand that to 100,000 annually.
CarsOnTheWeb is a b-to-b company based in Tienen, Belgium. It sells cars originating from Belgium, Netherlands, Germany, Italy, France and Spain to car dealers in Europe with a special emphasis on Central Europe. It has 200,000 total visitors per month, according to SimilarWeb.
Founded in 2004 by Steven Lismont, who remains a shareholder, the company employs 120 people.
Once a vehicle is submitted by a user for remarketing, the site generates photos, damage reports and specifications. Users pay nothing for posting the auto, just a commission on the sale. CarsOnTheWeb works with car leasing companies, dealers and manufacturers, and says it has about 2,000 vehicles on the site.
Parent company CarsOnTheWeb (Ecadis NV) generated net income of €1 million last year on revenue of €287 million.
Vortex Capital Partners is an investment fund that focuses on fast-growing small and mid-sized enterprises headquartered in Benelux.