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.