New Zealand media reports Enlyte purchasing PartsTrader for $650 million
Officials involved in the acquisition of PartsTrader by Enlyte have been discussing the reported $650 million transaction on LinkedIn in recent days.
PartsTrader Group Chief Executive Steve Messenger shared a news story from New Zealand publication NBR that reported details about the deal, noting that the company would have had a $73.5 million return if the sale was concluded in February.
“So happy to have been able to bring a reward for the patient and constructive support of many NZ shareholders, not least of all ACC and Todd,” Messenger posted. “Happy to sign off with this transaction completed and the next phase of the PartsTrader journey looking promising.”
Sujit Kalidas, co-head of private equity at ACC New Zealand, also posted that the sale of PartsTrader highlights the “often unknown role of ACC as an active, value-adding shareholder.”
“From early backing through to chairing the board, ACC helped shape strategic direction, expansion in the US market and finding a natural owner for the company,” Kalidas said. “This is a fantastic, outcome for buyer, staff and shareholders (small and large).”
He said it was a great example of long-term institutional capital delivering real enterprise value growth in New Zealand.
Enlyte announced it had entered into an agreement to acquire PartsTrader in December. At that time, it said PartsTrader will become a wholly owned subsidiary of Enlyte, the parent company of Mitchell, and will continue to operate as an independent entity alongside Mitchell’s Auto Physical Damage division. It says both organizations will maintain their distinct identities and operations.
“The acquisition represents a strategic investment that brings together two complementary businesses within the Auto Physical Damage ecosystem,” the December release says. “Both organizations will maintain their distinct identities and operations while benefiting from the collective strength of the Enlyte portfolio.”
Mitchell and PartsTrader will continue as open platforms allowing the choice of other information providers as well as suppliers and other partners in the ecosystem, the release said.
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Enlyte logo/Enlyte