AUTODOC Announces Minority Investment by Apollo Funds

• Apollo Funds acquire a minority stake alongside leading institutional investors at an equity valuation of €2.3 billion
• Transaction marks AUTODOC’s equity capital markets debut and supports the company’s business plans, including expansion into B2B segment
• AUTODOC looks to next chapter of profitable growth following 26% 5-year revenue CAGR

BERLIN / LONDON, 24 APRIL 2024 – The Berlin-based AUTODOC SE, Europe’s largest and fastest growing auto parts e-commerce platform, today announced that Apollo’s managed funds associated with its Hybrid Value franchise (the “Apollo Funds”), have led a minority equity investment alongside leading institutional investors at a valuation of €2.3 billion. As part of the transaction, two Apollo representatives will join the Company’s Supervisory Board.

“Apollo’s investment in AUTODOC is an impressive demonstration of our company’s potential. We are pleased to have found an investor in Apollo that supports our course. Together we are pooling our strengths to meet AUTODOC’s full growth potential,” says Dmitry Zadorozhny, CEO of AUTODOC.

The investment marks the first time AUTODOC has raised third-party equity capital. Through this transaction, Apollo will support the Company’s growth plans as AUTODOC enters the B2B segment and continues to extend its leading position in the European B2C independent aftermarket. AUTODOC’s customer-centric mission is underpinned by leading-edge technology, highly diversified brand and product offerings, and an accessible ecosystem that has enabled the business to profitably scale. AUTODOC reported a net revenue CAGR of approx. 26% for the last five years and in 2023 generated more than €1.3 billion in net revenue and more than €130 million of adjusted EBITDA.

“AUTODOC is on an amazing trajectory – as evidenced by our preliminary figures for 2023 and the profitable growth over the past years. We are growing our core business, while opening new opportunities, and are highly profitable, cash generative and debt-free. We are delighted that Apollo, with its capital market expertise, is helping us to continue on our successful course,” says AUTODOC CFO Lennart Schmidt.

“This is an important milestone in AUTODOC’s history, and we believe a testament to the industryleading position and platform we have built since our founding. AUTODOC is excited to work with one of the leading global investment firms and a team that brings both capital and strategic value-add to the business,” said AUTODOC co-founders Alexej Erdle, Max Wegner, and Vitalij Kungel.

“We are confident our new Supervisory Board members from Apollo will help us shape the future APOLLO AUTODOC of AUTODOC and support a management team that we have empowered to take the business to the next level.”

“AUTODOC has built a digital-first model that is preferred by customers and is admired within the industry, rapidly scaling to become one of Europe’s largest and fastest growing e-commerce platforms in the automotive market,” said Jeremy Honeth, Partner, Apollo Hybrid Value. “We look forward to serving as a strategic capital partner in AUTODOC’s exciting next chapter of growth.”

Apollo’s Hybrid Value business has a strong track record of long-term value creation and helping businesses unlock their full potential through non-control structured equity investments, including pre-IPO capital and solutions to support growth.

Since its founding in 2008, AUTODOC has become the European market leader for online auto parts retail, providing an outstanding digital value proposition to customers and seamless mobile experience. AUTODOC released its 2023 Factbook outlining preliminary key operational and financial performance highlights, strategic priorities and ESG initiatives. The Factbook is available here: Link

Barclays served as exclusive financial advisor to AUTODOC in the transaction, and Houlihan Lokey and Deutsche Bank served as financial advisors to the Apollo Funds. Allen & Overy LLP served as legal counsel to AutoTech GmbH & Co. KG/AUTODOC, and Sidley Austin LLP served as legal counsel to the Apollo Funds.