Tue, 01 Jun 2010 | BUSINESS SALE
It is understood that an auction for car MOT business Kwik-Fit is being considered by its French private equity owners, PAI Partners, after Kwik-Fit's insurance division was placed on the market in February this year.
Third parties said to be mulling a bid approach for the business include private equity firms Blackstone, KKR and Permira, while Japanese tyre manufacturer Bridgestone, and owner of European garage company Truck Point, is also thought to be a potential bidder.
PAI purchased the motor repair business for £800 million in 2005 from private equity group CVC.
Its resilience during the recession is an attractive selling point for Kwik-Fit, despite its substantial debts of £780 million. It has benefited from a new tendency for cash-strapped car owners to repair their vehicles rather than replace them.
Established in 1995, the business now operates about 600 car repair centres in the UK and another 500 in Europe. It has been predicted that its sales could increase by 10 per cent in 2010 to reach beyond £1 billion.
Its operating profits are expected to hit £150 million. The business has recently mentioned that it is 17 per cent ahead of profit targets.
A spokesman for Kwik-Fit would not discuss a possible sale of the whole business, but did confirm that the insurance subsidiary is still available to buy.
An asking price of £250 million for Kwik-Fit has been mentioned in reports.
The practice has two surgeries and is fully private. Since its establishment in 2018, it has experienced significant revenue growth, leading to the addition of a second surgery in 2022.
LEASEHOLD
Presenting a two-surgery, fully private dental practice in the vibrant and affluent town center of West Yorkshire. Located on a bustling main street within a parade of shops, this practice benefits from high visibility and proximity to local amenitie...
LEASEHOLD
This mixed dental practice in Lanarkshire offers four surgeries with the option for expansion if desired. There is plenty of free car parking available on site for patients.
LEASEHOLD
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