A$19m sale of TyreConnect to carsales.com
On 1 July 2021 Transport Ventures Pty Ltd, the 100% owner of TyreConnect Pty Ltd (“TyreConnect”), was acquired by carsales.com Ltd (“carsales.com”)
TyreConnect is a B2B platform for the distribution of car tyres to the Australian auto sector specialising in OEM car dealerships. TyreConnect is a new style of distributor using data, technology and logistics to bring about improved service levels to industry integrating into the supply chain with manufacturers, OEMs and clients. Founded in 2015, TyreConnect largely self-funded its growth which was achieved whilst prototyping the model, developing out the platform, and entering new capital city markets. Tyreconnect was recently appointed by 2 leading OEM car dealership groups to be their national supplier and operator of a new tyre program model in which they have white-labelled the platform and integrated with their ERP.
carsales.com (ASX: CAR) is the largest online automotive, motorcycle and marine classifieds business in Australia. Attracting more Australians interested in buying or selling cars, motorcycles, trucks, caravans and boats than any other classified group of websites. Together with its subsidiaries employing over 600 people in Australia, carsales develops world leading technology and advertising solutions that drive its business around the world. carsales.com has operations across the Asia Pacific region and has interests in leading online automotive classified businesses in Brazil, South Korea, Malaysia, Indonesia, Thailand and Mexico.
Azure Capital acted as corporate adviser to TyreConnect and advised on all aspects of the transaction including valuation and strategic advice, coordination of due diligence and negotiation of the relevant transaction agreements.