"Great Adevinta Sell-Off" Picks up Steam as Daft.ie Owner Snapped Up

BlackSheep Fund Management Ltd. has acquired Adevinta's 50% stake in Distilled Ltd for an undisclosed amount.

Distilled Ltd. is the holding company behind the Irish market-leading real estate portal Daft.ie. The company was valued by British broadcaster Sky News at more than €500 million earlier this weekend.

Distilled was founded as a marketplace specialist joint venture between Irish firm DML Capital and Adevinta in 2015 across horizontals including real estate and automotive. The company was rumoured to be up for sale this summer.

Eamonn Fallon, CEO at Distilled Ltd., said:

"Today’s announcement is a testament to the hard work and dedication of each and every employee in the Distilled team and the amazing culture we have built.

"We are excited to welcome BlackSheep onboard who bring with them a wealth of experience investing in Marketplace businesses across the globe. The combination of BlackSheep’s expertise in the classifieds sector, their long-term focus and financial strength will allow us to accelerate investment in our products and service to the benefit of our users and customers for many years to come."

Alexis Fortune, chief investment officer at BlackSheep, said:

"The founders and the whole Distilled team have built an extraordinary business and culture.

"As avid users of Daft, DoneDeal and Adverts, we know the tremendous value they create for their users and business customers.

"BlackSheep and its investors — all charitable institutions — back exceptional businesses for the long-term. We are committed to supporting Eamonn and his team as they continue to build, innovate and grow."

Adevinta's likely breakup will be a major talking point for marketplace analysts worldwide as the €13 billion company seeks to increase the value of, and ultimately sell, individual assets around Europe. For example, Adevinta Spain may be the first major segment up for sale after internal sources claimed owners Permira and Blackstone have ramped up their demands ahead of a prospective sale.