Fleet News

BLP acts on £637m sale of Kwik-Fit

Berwin Leighton Paisner (BLP) has advised the management of Kwik-Fit on the sale of Britain's largest tyre retailer to Japanese conglomerate Itochu Corporation for £637m.

Kwik-Fit is being sold to Itochu by private equity firm PAI Partners subject to regulatory approval by the European Competition authorities. Kwik-Fit currently accounts for 20% of the UK tyre market and has 545 branches across Europe, making it the most widespread tyre services company on the continent.

BLP fielded a cross-practice team to provide corporate finance, real estate, private equity, employee share schemes and tax advice. The BLP team was led by Peter Robinson, assisted by Manu Chopra and Hari Guliani.

BLP partner Peter Robinson said: "Having acted on the acquisition in 2005, we are delighted to have assisted the management of Kwik-Fit on this disposal. It was a significant deal involving input from teams in the UK, France and Holland which was completed in a very short timeframe following selection of the successful bidder."

Baker & McKenzie advised Itochu Corporation and Dickson Minto advised PAI Partners.

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