UK private equity firm Apax has pulled the plug on its bid for motor software and DMS provider Pinewood.
It said in the light of the prevailing “challenging market conditions” it did not intend to make an offer for the company.
“Apax, and any person acting in concert with Apax, reserves the right to announce an offer or possible offer for the Company or make or participate in an offer or possible offer for the Company and/or take any other action otherwise precluded under Rule 2.8 of the Code within six months of the date of this announcement in the following circumstances.”
Pinewood, under CEO Bill Berman (pictured), noted the Apax announcement and said it was “very confident” in the positive long-term prospects for the group.
“The company occupies a leading position as a mission-critical, full-service, embedded technology provider to automotive retailers and OEMs, benefitting from high recurring revenues and long-standing OEM partnerships.
“This platform positions Pinewood.AI to remain at the forefront of technology innovation and provide best in class technology and secure solutions across its existing and future customers.”
Pinewood pointed to its acquisition of Seez in February 2025, which it said strengthened its AI and customer engagement capabilities.
It added that taking full ownership of Pinewood North America, together with a new contract with Lithia was expected to generate approximately $60m of annual revenue by the end of 2028.
IT said it was in a strong position to grow its share of the North American automotive dealer software market and was well-positioned to achieve its medium term FY28 guidance of underlying EBITDA of £58-62m.
