The investment branch of Dutch bank ABN Amro and Vortex Capital Partners have just a acquired a majority stake in used automotive portal Carsontheweb.com for an undisclosed amount. Founder Steven Lismont will remain a significant shareholder in CarsOnTheWeb after the transaction.
Hugo Levecke, current Chairman of the Board of Directors of CarsOnTheWeb is pleased with this recent development.
“The two Dutch investment funds fit entirely within the future plans of CarsOnTheWeb. Of course, they provide the necessary capital injection, but more important is the contribution of new ideas and expertise,” he said in a statement.
“VCP can boast a lot of IT experience and online marketing knowledge. This should give the necessary impetus to accelerate the growth of our company.”
Vortex Capital Partners is an investment fund that focuses on fast-growing SME companies with their headquarters in the Benelux. Evert Jan de Groot, Partner of VCP is looking forward to working with the automotive portal.
“We are impressed with the management and founders of CarsOnTheWeb. They have over 10 years of [experience] and made a strongly positioned player in the area of online car auctions,” he said in a press release.
“We look forward to working with the highly-motivated management team and helping CarsOnTheWeb grow into the leading platform for online car auctions in Europe. “