Ex GraysOnline Owners Tipped To Buy Back Business
The former owners of commercial online auction business, GraysOnline, have reportedly set their sights on buying back the business, following rumoured interest from the likes of Bauer Media.
According to The Australian, the former owners have emerged strong contenders to purchase the business back from ASX-listed fleet leasing giant, Eclipx Group, who is tipped to return to privatisation.
The news comes after Eclipx announced its was putting subsidiaries Right2Drive and GraysOnline on the market, following sluggish performance weighing down the group.
Reports suggest a buyout fund may beat the former owners to the punch, with Bauer Media among the rumoured entities to have formerly expressed interest.
GraysOnline is said to be Australasia’s largest industrial and commercial online auction business, offering a diverse range of goods sources from manufacturers and distributors.
For FY17 the company reported $600 million in annual sales, 6,000+ vendors and a 45.5 million visits per year.
GraysOnline was originally owned by management including the likes of CEO, Cameron Poolman, and senior executive Adam Scharer.