Carsales.com Buys Stake in Torpedo7
March 20, 2012: Carsales.com has moved into e-tailing, paying $7.2m for a 15% stake in Torpedo7, owner of New Zealand's biggest shopping and daily deals site, 1-day.co.nz, which attracts 3.3m unique browers a month.
It also owns Torpedo7.co.nz, a major online retailer of outdoor action sports gear.
Carsales.com CEO Greg Roebuck says the deal is "a natural extension of the business" and that the stake may be increased should certain conditions be met.
According to the announcement, "Torpedo7 is a profitable business wirth strong revenue growth. In the past 12 months and 1-Day have sold more than four million products to consumers in Australia and New Zealand.
