Apax recently announced a $550M placement in newly issued perpetual convertible preferred stock of KAR Global (“KAR”), which provides the global wholesale used vehicle industry with innovative, technology-driven remarketing solutions. . The US-based firm provides a B2B platform that links sellers and buyers of wholesale vehicles through its automotive auctions.
The platform has generated the sale of approximately 3.8M units valued at $40bn and its online and physical marketplaces are touted to reduce risk, improve transparency and streamline transactions for clients in over 80 countries.
Apax has significant experience investing in a range of businesses across the automotive industry. The investment will support KAR’s global customers and further accelerate its digital transformation.