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CarTrawler reportedly put up for sale for £600m

Online car hire business CarTrawler has reportedly been put up for sale by its private equity backers for £600 million.

The Irish company, which makes the software used by travel retailers and airlines to connect to car rental firms, is set to be sold by BC Partners, the Sunday Times reported sources as saying.

The plans come three years after CarTrawler founders, brothers Greg and Niall Turley, sold their final stake in the business to BC in a deal worth €400m (£345 million).

The Turleys are reported to have sold 75% of the company to ECI Partners for just €80 million in 2011.

City bankers have been invited to pitch for a role in the sale, with Dublin-based CarTrawler said to be worth about £600 million.

Talks were reported to be at an early stage and that BC Partners was likely to weigh up a stock market float alongside a sale.

US investment giants including Advent International and KKR have previously run the rule over the business and are likely to show interest in any sale.

The auction would also lead to a payout for Insight Venture Partners, the New York venture capital firm that invested alongside BC in 2014.

Insight, an early backer of Twitter, Tumblr and Chinese giant Alibaba, is expected to cash out.

A potential deal would bring a windfall for management, who are said to hold a small stake in the firm.

CarTrawler employs 550 people in Dublin, London, Boston and Helsinki.

The software developer makes most of its money from partnerships with 100 airlines and 2,000 travel retailers. It also owns the Holiday Autos, Cabforce and Arguscarhire.com brands.

According to estimates from the Irish Times, the company’s turnover rose to €620 million last year, from €605 million the year before.

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