Quadrant Private Equity Pty Limited agreed to acquire Car Buyers Australia Pty Ltd and Grays e-Commerce Group Limited from Eclipx Group Limited (ASX:ECX) for an enterprise value of AUD 60 million on July 5, 2019. The enterprise value of AUD 60 million represents an EV/EBITDA of 7.5x with reference to the combined rolling 12 months EBITDA to March 2019. Transaction remains subject to a limited number of conditions including FIRB approval. The transaction is expected to complete on July 31, 2019. The net proceeds of the sale will be applied to the reduction of Eclipx's corporate debt facilities. Adam Strauss of Herbert Smith Freehills acted as legal advisor to Car Buyers Australia Pty Ltd and Grays e-Commerce Group Limited.

Quadrant Private Equity Pty Limited completed the acquisition of Car Buyers Australia Pty Ltd and Grays e-Commerce Group Limited from Eclipx Group Limited (ASX:ECX) on July 31, 2019.