Monday 18 December 2017

Cartrawler brothers gearing up for €180m sale

Roisin Burke

The brothers that founded Irish online firm Cartrawler stand to make millions for the second time in a sale of the company being prepped with a €180m target price tag.

Niall and Greg Turley are still significant shareholders in the rapidly growing global online car rental business, with a stake thought to be around of 25 per cent – a €45m potential bonanza for the siblings post-sale.

Majority shareholder ECI Partners owns a 50 per cent controlling stake.

Other senior management also have small stakes of the offshore-registered business. Mike McGearty is the company's chief executive, while Bobby Healy is chief technology officer.

The board is lining up PwC out of London, which advised British private equity house ECI when it bought into the company in 2011 to conduct an auction in late 2014.

Interested buyers could be either other investment houses or a larger market peer, like holiday, flights and car rental giant Expedia or Lastminute.com.

ECI bought half the business in 2011 with the Turleys remaining as shareholders and non-executive directors. They shared €80m from that sale, in a deal that valued the company at €110m.

ECI would typically move on a portfolio within a three- to five-year timescale.

Cartrawler recently moved to a large new base in Dundrum and has been recruiting strongly as it focuses on further international expansion.

It acquired British rival Holiday Autos recently, a significant addition the board believes to have considerably enhanced the company's value.

The company does over €400m of business a year, a trebling since 2010.

Greg Turley started his own boutique company, called Roundtown Investments last year.

ECI and Cartrawler declined to comment, and the Turleys did not respond to emails.

Sunday Independent

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