A DUBLIN-BASED asset management fund has acquired a controlling share of Distilled Limited, the company which operates Daft.ie, DoneDeal.ie and Adverts.ie. 

It’s understood Blacksheep Fund Management Limited bought all of Adevinta’s shares in the online classifieds business at a valuation of more than €500 million. 

The company’s other shareholder – Distilled Media Group – announced the deal this morning, saying it was pleased it had found a new partner in Blacksheep. 

The Blackrock fund manages the assets of charitable institutions and provides capital to fund growth and investment in the companies it acquires. 

Chief executive officer Eamonn Fallon will continue to lead the company and said the firm is “excited to welcome Blacksheep onboard who bring with them a wealth of experience investing in Marketplace businesses across the globe”. 

He added, “The combination of Blacksheep’s expertise in the classifieds sector, their long-term focus and financial strength will allow us to accelerate investment in our products and service to the benefit of our users and customers for many years to come.”

Alex Fortune, chief investment officer of Blacksheep commented on the “extraordinary business and culture” of Distilled. “Blacksheep and its investors – all charitable institutions – back exceptional businesses for the long-term,” he added. “We are committed to supporting Eamonn and his team as they continue to build, innovate and grow.”

Adevinta is a 200-year-old global classifieds business that was taken private last year in a deal worth about €12.4 billion. This is the first offloading of shares by the group, one of the biggest classified advertising conglomerates in Europe, signalling its break-up by the new owners. Reports had been circulating for weeks that a sale was being explored, with valuations of around €500 million being discussed.