Aussie online classifieds giant takes 15% stake in Torpedo7
Hamilton-based online retailer Torpedo7 has sold a 15% stake to Australian online classifieds giant carsales.com
Torpedo7 and 1-day brands is the largest Australasian online retailer of adventure sport, motorcross, bike, snow and fishing gear product deals.
Founder Luke Howard-Wills said sales were now approaching $100 million a year, and the buy-in from carsales.com would help it grow faster.
Carsales.com owns the largest online car, motorcycle, marine and farming equipment classifieds site in Australia.
Its managing director Greg Roebuck says significant synergies exist between the two sites.
Auckland-based merchant bank Clavell Capital, which advised Torpedo7 on the sale, said there was considerable interest from overseas companies and private equity investors in Torpedo7. This demonstrated the cost advantage of operating an online retailer in New Zealand.