Dublin based fund manager Blacksheep Fund Management has bought the stake in Daft.ie, DoneDeal.ie and Adverts.ie owner Distilled Ltd, which was controlled by European online classifieds group, Adevinta.
Financial terms of the deal have not been disclosed and a spokesperson for Distilled declined to comment.
Yesterday, before it was confirmed, Sky News reported that the possible transaction could be worth in the region of €500m.
Following the deal, the current management team of Distilled Group, led by founder and CEO Eamonn Fallon, will continue to lead the company.
"Today's announcement is a testament to the hard work and dedication of each and every employee in the Distilled team and the amazing culture we have built," said Eamonn Fallon, founder and CEO of Distilled.
"We are excited to welcome Blacksheep onboard who bring with them a wealth of experience investing in Marketplace businesses across the globe," he said.
"The combination of Blacksheep’s expertise in the classifieds sector, their long-term focus and financial strength will allow us to accelerate investment in our products and service to the benefit of our users and customers for many years to come," he added.
Investment manager Blacksheep Fund Management Ltd manages and invests the assets of charities.
Its strategy focuses on finding high quality firms around the world and providing them with the capital to fund growth and investment.
"The founders and the whole Distilled team have built an extraordinary business and culture," said Alex Fortune, Chief Investment Officer of Blacksheep.
"As avid users of Daft, DoneDeal and Adverts, we know the tremendous value they create for their users and business customers."
"Blacksheep and its investors – all charitable institutions – back exceptional businesses for the long-term. We are committed to supporting Eamonn and his team as they continue to build, innovate and grow."
Last year Distilled Ltd made a profit before tax of €12.2m, up from €9.5m a year earlier.
The profits for 2023 came off the back of an increase in turnover, which reached €41.38m, up from the €36.7m recorded in 2022.
The company paid out €13.9m in dividends during the year.
According to the most recent accounts, collectively the directors of Distilled, Eamonn Fallon, Brian Fallon and Paul Kenny directly and indirectly control 50% of the company.
Norwegian based Adevinta is a large online classifieds group operating in more than 25 marketplaces around Europe.
The Oslo listed company was taken private a year ago by private equity firms Blackstone and Permira.
Distilled was established in 2015 after the operations of Daft.ie and Adverts.ie were merged with Adevinta's Donedeal.ie.
