General Atlantic and

Canada Pension Plan Investment Board

are nearing a deal to acquire Boats Group, an online marketplace for recreational boats, according to people familiar with the matter.

Private equity firm Permira, the current owner of Boats Group, will retain a minority stake in the company, the people said, asking not to be identified as the information is private. The deal values the online marketplace at over US$2 billion, the people said, adding that an announcement could come as soon as Thursday.

Representatives for General Atlantic, CPPIB and Permira declined to comment.

The U.S.-based Boats Group owns and operates several websites and apps for boat sales, including Boat Trader, YachtWorld and boats.com. The company also provides financing plans for these purchases, according to its website.

Permira agreed to acquire a majority stake in Boats Group in 2020 from Apax Partners, another private equity firm. The terms of the deal weren’t disclosed. The company has made technological upgrades under Permira’s ownership, introducing boat image recognition and AI-driven tools to simplify purchase and shopping experience.

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Evercore Inc.

and

Morgan Stanley

have been advising on the sale, Bloomberg News reported last month.

Bloomberg.com