BaltCap Private Equity Fund II (BPEF II), which, along with the management of auto24, acquired the company from Sanoma Media Finland OY in 2017, now sold its stake in the company.
The amount of the deal – whose completion is expected to take place later this year, subject to regulatory approvals – was not disclosed.
The acquisition of auto24 will diversify Baltic Classifieds Group’s portfolio of online portals.
Founded in Tartu and led by Margus Tomberg, CEO, auto24 is an automotive classifieds business connecting buyers and sellers through the itsauto24.ee portal. The portal offers car, motorbike, boat and heavy equipment advertising. The company also operates the Kuldne Börs generalist classifieds site in a variety of categories, such as construction materials, agricultural equipment, pets and household goods and Autoleht, a weekly car magazine, and Motors24, a site for motor vehicle videos.
Led by Justinas Šimkus, CEO, Baltic Classifieds Group is a portfolio of online platforms in the Baltics, specialising in five key markets: specialized classifieds for automotive, real estate and jobs; generalist classifieds; and ecommerce.
The company operates in Lithuania, its largest market, through Diginet LTU, in Estonia through Allepal OÜ, and in Latvia through City24.