REG - Pinewood Tech Gp PLC - Response to Statement by Apax Partners LLP

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RNS Number : 0414T  Pinewood Technologies Group PLC  16 February 2026

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FOR IMMEDIATE RELEASE

 

 

 

16 February 2026

 

Pinewood Technologies Group PLC ("Pinewood.AI" or the "Company")

 

Response to Statement by Apax Partners LLP ("Apax")

 

The Board of Pinewood.AI (the "Board") notes the announcement made on 13
February 2026 by Apax stating that, in light of prevailing challenging market
conditions, it does not intend to make an offer for the Company. As a result,
Apax is bound by the restrictions set out in Rule 2.8 of the Takeover Code.

 

The Board of Pinewood.AI remains very confident in the positive long-term
prospects for the Group. The Company occupies a leading position as a
mission-critical, full-service, embedded technology provider to automotive
retailers and OEMs, benefitting from high recurring revenues and long-standing
OEM partnerships. This platform positions Pinewood.AI to remain at the
forefront of technology innovation and provide best in class technology and
secure solutions across its existing and future customers.

 

This confidence is underpinned by recent strategic progress. The acquisition
of Seez in February 2025 further strengthens the Company's AI and customer
engagement capabilities. Taking full ownership of Pinewood North America LLC,
together with a new contract with Lithia expected to generate approximately
$60m of annual revenue by the end of 2028, represent significant milestones
that put the Company in a strong position to grow its share of the North
American automotive dealer software market.

 

The Board believes the Company is well-positioned to continue executing its
strategy and to achieve its medium‑term FY28 guidance of underlying EBITDA
of £58-62 million. Delivering against these objectives will generate
significant value for shareholders.

 

Notice of Results

 

The Company expects to announce its FY25 results for the year ended 31
December 2025 on 22 April 2026.

 

 

Enquiries:

 

 Jefferies International Limited (Financial Adviser to Pinewood.AI)  +44 (0)20 7029 8000
 Philip Noblet
 Thomas Bective
 Harry Spooner
 Ellie McDonald

 

 Headland       +44 (0)20 3805 4822
 Henry Wallers
 Jack Gault

 

About Pinewood Technologies Group PLC

Established in 1981, Pinewood Technologies Group PLC (Pinewood.AI) is a
leading cloud-based full-service technology provider to automotive retailers
and OEMs. Pinewood.AI's system is a market-leading automotive intelligence
platform, which has been developed collaboratively with dealers and OEMs to
provide secure software across sales, aftersales, accounting and CRM. With
headquarters located in the UK and North America, Pinewood.AI serves a global
user base spanning 36 countries and has long-standing partnerships with over
50 OEM brands.

Previously part of Pendragon PLC, in 2024 Pinewood.AI became an independent
entity following the sale of Pendragon's UK Motor and Leasing divisions to
Lithia Motors Inc, one of the largest automotive retailers in North America.
In February 2025, Pinewood Technologies Group PLC acquired Seez, an automotive
AI & ML SaaS platform. LON: PINE, OTCQX: PINWF

 

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