Novum Capital and O3 Industries sell UK classifieds portal Gumtree

Frankfurt-based private equity firm Novum Capital and New York-based investment firm O3 Industries have sold their portfolio company Gumtree.com Limited with effect from 30 September 2024. Gumtree is one of the leading classifieds portals in the UK – with more than 10 million monthly users and a brand awareness of over 80 per cent. The company brings together millions of buyers and sellers and facilitates thousands of successful transactions every day.

Novum Capital and O3 Industries acquired Gumtree on 30 November 2021 in the form of a carve-out from Adevinta, an international online marketplace operator. The purchase also included the acquisition of the British used car marketplace Motors.co.uk, which was part of Gumtree. Adevinta had previously acquired the eBay Classifieds Group from eBay Inc., which included Gumtree and Motors.

Gumtree has now been taken over by pan-Asian private equity firm Ocean Link and its portfolio company 58.com. 58.com has grown to become one of the world’s largest online marketplaces with a strong presence in China and a growing global footprint, serving over 400 million users with more than 1 billion unique listings.

Investments in organisational structure and product

Novum Capital and O3 Industries have been instrumental in positioning Gumtree for success as active owners since December 2021. The complex carve-out was successfully completed in June 2023. At the same time, the used car portal Motors was established as an independent company, i.e. with its own management, separate from the general classifieds portal Gumtree. This has allowed Gumtree to develop independently of Motors – and therefore with greater flexibility and focus. In addition, Gumtree has consistently invested in its apps, its IT landscape and its processes in order to provide marketplace users with a modern user experience and the highest levels of trust and safety when transacting.

Daniel Ozen, President of O3 Industries, said: “The new Gumtree management, Novum Capital and we have been working hard since December 2021 to make Gumtree fit for the future. The acquisition by the new owner demonstrates Gumtree’s potential.”

Novum Capital partner Felix Homann commented: “Gumtree’s management team and the entire workforce can be proud of what has been achieved so far. Novum Capital and O3 Industries sincerely wish Gumtree to continue its success story.”

Motors.co.uk Limited, operator of the eponymous UK used car internet marketplace, which recently acquired the well-known online used car marketplace Cazoo in June 2024, will remain in the portfolio of Novum Capital and O3 Industries as an independent company.

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