Fleet News

CVC sells Kwik-Fit for £800m

CVC Capital Partners has this afternoon announced it is to sell Kwik-Fit to Speedy 1 for £800m.

The Kwik-Fit network encompasses 1,685 centres and 215 mobile units across the UK, Netherlands, France (trading as Speedy) and Germany (trading as Pit-Stop).

Rob Lucas, a partner at CVC, says: "Kwik-Fit has been an excellent investment for CVC. Since our acquisition in 2002, the company has been transformed and is now delivering substantially improved financial performance. Kwik-Fit is well positioned for its next phase of growth."

Hamish Mackenzie, a partner at Speedy 1’s controlling company and private equity firm PAI, says: “Kwik-Fit has exceptional brand recognition in its key markets and benefits from significant growth prospects as a market leader. The company enjoys a high reputation for trust, reliability and value for money; PAI intends to support the management team to further strengthen Kwik-Fit’s leading positions in the fast-fit European market.”

PAI has seen off competition for Kwik-Fit from Bridgestone which had teamed up with Mitsubishi Corporation to bid for the West Lothian-based company.

The deal is subject to regulatory approval.

  • Founded in 1971 by Scottish entrepreneur Tom Farmer, Kwik-Fit was sold to Ford for £1bn in 1999. It later sold the company on to private equity provider CVC Capital Partners in 2002 for £330m, although Ford retains a 19% shareholding.
  • Leave a comment for your chance to win £20 of John Lewis vouchers.

    Every issue of Fleet News the editor picks his favourite comment from the past two weeks – get involved for your chance to appear in print and win!

    Login to comment


    No comments have been made yet.

    Compare costs of your company cars

    Looking to acquire new vehicles? Check how much they'll cost to run with our Car Running Cost calculator.

    What is your BIK car tax liability?

    The Fleet News car tax calculator lets you work out tax costs for both employer and employee