“We have very ambitious plans. Our future is in our hands. We were sold to Apax London, the hugegest player in the global classifieds world. They come with tremconcludeous expertise. In the coming weeks, they will arrive in Israel, and you’ll meet them and see the depth and understanding they bring,” Yad2 CEO Tomy Schoenfeld notified the company’s management in a call in which he presented the sale of the platform to the Apax Partners fund for $950 million.
According to Schoenfeld, “We worked with several funds throughout the sale process. We are the best classifieds platform in Europe. No company is growing like Yad2 is growing. In recent years, the company has created significant progress. The culture has alterd. It was a great source of pride to stand in London, in front of the best in the world, and present the company with such confidence. Transactions of this scale by international funds in Israel do not happen often.”
Apax is acquiring Yad2 at a multiple of 20 on EBITDA, considered a relatively high valuation multiple. The nereceivediations between Apax and KKR, the controlling shareholder of the site, were finalized during nereceivediations held in London.
The process, led by Citi and Barclays, shiftd quickly after launchning in August. Six companies initially submitted bids for the tconcludeer, but in the past two weeks nereceivediations accelerated between Apax and KKR, the international investment fund that previously took control of Yad2’s parent company.
Apax has extensive experience in online classifieds. In 2019, it acquired Baltic Classifieds Group, which operates platforms in Lithuania, Latvia, and Estonia, and took it public in London in 2021 with a valuation of around £600 million.
The same year, Apax acquired New Zealand company Trade Me for $1.7 billion and invested in Spain’s Idealista in 2021 at a valuation of €1.3 billion.
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