UK automotive dealership software maker Pinewood has agreed to a £545 million cash takeover by US private equity firm Ridgeview, following the collapse of a rival bid by Apax Partners.
The deal marks the acquisition of Pinewood's software division, which was previously part of Pendragon. Apax withdrew its takeover offer citing concerns over artificial intelligence's impact on the business, clearing the way for Ridgeview to secure the deal.
Pinewood provides software solutions to automotive dealerships across the UK and Europe. The company's valuation represents significant interest in the automotive software sector, despite broader concerns about AI disruption in the industry.
Ridgeview, the successful bidder, joins a growing list of private equity firms investing in automotive technology. The acquisition is expected to close subject to regulatory approvals and customary closing conditions.
The failed Apax bid highlights how AI considerations are increasingly influencing dealmaking decisions in the tech sector, with firms reassessing valuations based on automation and technology displacement risks.
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