French classifieds car platform business La Centrale is seeking financing with up to 6x leverage from lenders to support its expected acquisition, sources told Reorg. The Axel Springer-owned platform has been put up for sale and the first round of bids is expected this week.
The asset, which is marketed on an EBITDA of €30 million, has raised interest from private equity sponsors, sources said. Potential bidders are awaiting the commercial due diligence to be conducted since it has not been provided yet, sources added. Lazard has been mandated to lead the sale.
Axel Springer acquired a majority stake in the company in 2014. The German publishing house acquired a 51% stake of Car & Boat Media, which operates the French classifieds portal La Centrale among others, from the French media company Spir Communication for €72 million, corresponding to a company valuation of €142 million, according to a
release at the time. In 2016, Axel Springer acquired the entirety of La Centrale.
Axel Springer holds a 70% share in its digital classifieds division and the U.S.-based growth investor General Atlantic holds a 30% share. European online job portal StepStone, U.K. job portal Totaljobs, French real estate portal SeLoger and Belgium Immoweb are part of Axel Springer Digital Classifieds, according to their websites.
Axel Springer declined to comment. Lazard did not respond to Reorg’s request to comment.
--Lucía Camblor