Private equity giants stalking Turley's €100m CarTrawler
Published 20/03/2011 | 05:00
Greg Turley is close to selling a majority stake in technology company CarTrawler in a deal that values the firm at about €100m.
A shortlist of three private equity bidders has been drawn up and final negotiations are under way. Boutique Corporate finance outfit Torch Partners are involved in the deal.
Last week, Turley was visiting the US as one of the representatives of Irish business at Ireland Day at the New york Stock Exchange.
Rumours that online giant Expedia is on the shortlist are understood to be incorrect, although it is believed to have shown some interest in Turley's venture.
The short-listed bidders are understood to have met a number of Irish financial institutions in recent weeks looking for debt financing to complete the deal.
CarTrawler, which turned over €142m last year, grew out of the Turley family company, Argus Car Hire.
Founded by Greg Turley and his brother Niall in 2004, it supplies its partners with its technology free of charge and the commission from car hire firms is then split between CarTrawler and the partner.
Greg Turley, who is 49, has signed up clients such as Emirates, Virgin Blue, Gulf Air and BMI Baby to the online service.
Sunday Indo Business