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CARMEL, Ind., Sept. 9, 2025 /PRNewswire/ -- OPENLANE, Inc. (NYSE:KAR), a leading operator of digital marketplaces for wholesale used vehicles, has reached definitive agreements to repurchase 53% of the Company's Series A Convertible Preferred Stock originally issued in June 2020. The transaction, for which the cash consideration is approximately $559 million, will reduce the preferred shares held by funds advised by Apax Partners, L.P. ("Apax") by approximately 50% and the preferred shares held by funds advised by Periphas Capital, L.P. ("Periphas") by approximately 80%. The repurchase price of $29.70 per share of common stock, on an as-converted basis, represents a negotiated market-based buyout, including the value for future dividends tied to those preferred shares.
"The strategic investments made in our company since 2020 have proven highly beneficial for OPENLANE and our customers, and generated a strong return for the Apax funds, Periphas funds and their respective investors," said Peter Kelly, CEO of OPENLANE. "Since then, we have rebranded and simplified our company, extended our technology leadership and accelerated growth. The transactions announced today, combined with the strong cash generation characteristics of our asset-light, digital operating model, make OPENLANE an even more compelling opportunity for new and existing investors."
Roy Mackenzie, Partner at Apax, added, "OPENLANE's transformation over the last several years has been impressive, and the positive momentum they are building is delivering strong results. We firmly believe in the broad opportunities for OPENLANE's continued growth, and we remain committed to supporting the company and its management team."
Sanjeev Mehra and the other Periphas principals will continue to hold the balance of the remaining preferred shares currently held by Periphas.
The repurchase transactions are anticipated to close as soon as practicable after September 30, 2025, and prior to October 20, 2025. More information about the definitive agreements between OPENLANE and the preferred stockholders will be available in a Form 8-K to be filed by the Company.
Posted In: KAR
