Providence Equity Partners is taking a 25-percent equity interest in Cox Enterprises owned AutoTrader.com. Cox made the announcement today. They will maintain majority ownership and operating control of AutoTrader.com, and Providence’s ownership will have no impact on day-to-day operations. Providence will assume two seats on AutoTrader.com’s Board of Directors.
“All of us at AutoTrader.com are excited to see Providence Equity invest in our company,” said Chip Perry, CEO and president, AutoTrader.com. “Their support will enable us to pursue the many organic growth opportunities, as well as strategic acquisitions, that will help improve the products and services we offer our customers.”
The venture capital firm Kleiner Perkins Caufield & Byers is also an investor.
Goldman, Sachs & Co. advised Cox in this transaction.
Locations: USA, Atlanta, GA
Sectors: Internet : eRetail