|
Pinewood Technologies Group PLC on Monday saw its shares plummet after former suitor Apax Partners LLP said it no longer intends to make an offer for Pinewood. The Birmingham, England-based firm provides software for automotive sellers and joined the FTSE 250 index back in September. Its shares fell 31% to 300.03 pence on Monday morning in London, and are down 12% over the past year. Late last month, Pinewood responded to press speculation by saying it was in discussions with Apax regarding a possible cash offer of 500 pence per share, following multiple earlier approaches. London-based private equity firm Apax on Friday confirmed it would not be making a formal offer, ‘in light of the prevailing challenging market conditions’. Pinewood stressed that it ‘remains very confident in the positive long-term prospects for the group’, given its ‘long-standing’ partnerships with orginal equipment manufacturers. The company also estimated that taking full ownership of Pinewood North America LLC, and taking on a new contract, will lead to $60 million in annual revenue by the end of 2028. Total revenue for the 11 months to the end of 2024 was £31.2 million. Pinewood added that these deals ‘represent significant milestones that put the company in a strong position to grow its share of the North American automotive dealer software market.’ It continues to target underlying earnings before interest, taxes, depreciation and amortisation between £58 million and £62 million by 2028. This compares to £14.0 million in underlying Ebitda for financial 2024. Pinewood is due to release its 2025 results on April 22. Copyright 2026 Alliance News Ltd. All Rights Reserved.
|
