Independent News & Media (INM) has acquired the 50% of the equity it didn’t already own in car sales website, CarsIreland.ie. The value of the transaction was not disclosed.

INM secured a one-third stake in the venture in 2011 in return for working capital and marketing support. The Indo’s stake was raised to 50% in 2013 for a consideration of €150,000.

The vendors are Michael Dillon  (39) and Michael Hinds (40), who equally owned the equity being bought by INM.

Digital Odyssey Ltd, the website’s operating company, had turnover of €666,000 in 2014. Operating expenses amounted to €664,000. CarsIreland.ie says it has nearly 1,000 car dealers advertising 40,000 used, new and classic cars for sale on the platform each month. Ireland. The site offers car dealers access to potential customers via sponsorship, display advertising and featured pages.

INM CEO Robert Pitt remarked: “We are very pleased to add CarsIreland.ie to INM’s portfolio of titles. There are clear synergies with INM’s existing motoring features across print and digital. The site’s online dominance fits well with INM’s strategy for both its online and print titles.”

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