Torpedo7, the parent company of kiwi Favourite 1day.co.nz has sold 15% of the company to Carsales.com. The Aussie firm, listed on the Australian Stock exchange paid AUD 7.2 million for a 15$ stake in Torpedo7.
Torpedo7 currently sells over 100 million dollars worth of product each year, and founder Luke Howard-Willis says they plan to double this in 2012. 1day has grown from strength to strength and is consistantly one of the fastest growing companies in New Zealand.
Torpedo7 is the largest online retailer in Australia and New Zealand selling adventure sports gear and bikes. They offer over 70,000 items online. In the past year the company has sold over 4 million products online. Carsales.com.au is Australias largest car buying website with 9 million users in December 2011. CarSales is also one of a few business that have featured in the BRW Fast 100 for over 5 years in a row.