Dublin-based fund manager, Blacksheep Fund Management, has acquired a significant stake in Distilled Ltd, the parent company of popular Irish online platforms Daft.ie, DoneDeal.ie, and Adverts.ie. The deal, which was concluded earlier this week, sees the investment firm take control from Adevinta, the European online classifieds group.
While the financial terms of the acquisition were not disclosed, Sky News reported that the deal could be valued at approximately €500 million. A spokesperson for Distilled Ltd declined to provide further details about the transaction.
Following the deal, the current management team of Distilled, led by founder and CEO Eamonn Fallon, will remain at the helm of the company. In a statement, Fallon expressed his enthusiasm for the new partnership, highlighting the importance of the Distilled team’s efforts and culture. “Today’s announcement is a testament to the hard work and dedication of each and every employee in the Distilled team,” he said. “We are excited to welcome Blacksheep onboard, who bring with them a wealth of experience in investing in marketplace businesses globally.”
Blacksheep Fund Management, which manages assets for charitable institutions, focuses on identifying high-quality businesses worldwide and providing capital to support their growth and development. The firm’s Chief Investment Officer, Alex Fortune, praised the work of the Distilled team, calling their platforms—Daft.ie, DoneDeal.ie, and Adverts.ie—exceptional. “We know the tremendous value they create for their users and business customers,” he said. “We are committed to supporting Eamonn and his team as they continue to innovate and grow.”
Distilled Ltd, which was founded in 2015 following the merger of Daft.ie, Adverts.ie, and Adevinta’s DoneDeal.ie, has shown strong financial performance. In its most recent report, the company announced a pre-tax profit of €12.2 million for 2023, an increase from €9.5 million the previous year. Revenue also rose, reaching €41.38 million, up from €36.7 million in 2022. The company paid out €13.9 million in dividends during the year.
Adevinta, the Norwegian online classifieds giant, previously controlled Distilled through its Irish operations. However, Adevinta, which operates in over 25 European markets, was taken private last year by private equity firms Blackstone and Permira. Distilled’s leadership, including Fallon, along with Brian Fallon and Paul Kenny, collectively control 50% of the company.
The acquisition marks a significant move for Blacksheep Fund Management as it expands its portfolio in the digital marketplace sector, with plans to support Distilled’s continued growth and innovation.
