Montagu Private Equity has made an agreed offer to acquire all of the shares of British Car Auctions Ltd (BCA). The price is put at £450 million, including debt. BCA is owned by private shareholders.
Conditions, including competition clearance, are expected to be completed by the end of October.
BCA operates out of 40 sites in 11 countries and generates gross auction proceeds of £3.3 billion per annum.
Wiet Stokhuyzen, director at Montagu, said: 'We are excited about this acquisition. BCA is a first rate company with a highly regarded management team, which has delivered consistent and profitable growth for over a decade. We look forward to investing in further growth, particularly in Europe where BCA has developed a strong position.'
Jon Olsen, CEO of BCA said: 'We are pleased Montagu has acquired the business. Our customers should be reassured we are committed to continuing the highest levels of service and intend to continue to invest in and to develop BCA. The senior management team is fully committed to staying with the business, to build on the success we have already achieved.'
Montagu is a European private equity house, founded in 1968, and operated as HSBC Private Equity until 2003. HSBC continues to hold a minority stake. It invests across a wide range of businesses and currently has over £2 billion of funds and assets under management.
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