San Francisco-based private equity firm Ridgeview has agreed to buy motor dealer software company Pinewood Technologies for £545m.
Following completion of the acquisition, Ridgeview plans to work with Pinewood.AI’s management team and employees, led by CEO Bill Berman.
Ridgeview said it will be a supportive long-term partner of Pinewood.AI and grow the company in the UK, US and other markets.
“Pinewood.AI has built a powerful, modern, end-to-end and AI-first platform that provides operators with the tools needed for the next-generation dealership,” said Michael Hulslander, co-founder and MD partner of Ridgeview.
“Our goal is to partner with Bill and his team on their mission to help customers modernize their businesses.”
Berman said: “I am extremely proud of everything we have achieved since Pinewood.AI became a standalone technology business in 2024.
“We have created a strong platform for future growth and we are confident in the significant global opportunities ahead, particularly in North America.
“Realising the full potential of the business now requires continued investment, innovation and execution at scale, and we know that Ridgeview is the right partner to support us through this next exciting chapter.”
Bryan DeBoer, president and CEO of Lithia & Driveway, Pinewood.AI’s largest shareholder and customer, said: “We are pleased that Ridgeview intends to acquire Pinewood.AI.
“Our strategic alignment with the business remains unchanged. We are focused on building an even stronger technology future on the Pinewood.AI platform.
“Ridgeview arrives with the conviction to accelerate what Pinewood.AI has built and we expect the transaction to generate meaningful value for Pinewood.AI’s customers and stakeholders in the years ahead.”
The deal is subject to shareholder approval.
