Fri, 27 Mar 2015 | BUSINESS SALE
The owner of the second-hand motor firm webuyanycar.com, famous for its TV adverts, has been sold to a listed investor for £1.2 billion.
Listed investment fund Haversham Holdings acquired BCA, formerly British Car Auctions, in a deal signed off yesterday (26 March). It is still however subject to shareholder approval. Involved in the deal was a £1.03 billion equity fundraiser, giving the business a market capitalisation upon initial public offering (IPO) or around £1.17 billion.
BCA agreed the deal after cancelling a planned floatation on the London Stock Exchange just months ago.
US private equity firm Clayton Dubilier & Rice has owned BCA since 2010. BCA's head office is situated in Farnham, Surrey.
David Novak, a partner at Clayton Dubilier & Rice said: “We are confident that the talented group of managers at the company ... will continue to drive strong performance.”
Avril Palmer-Baunack, executive chairman of Haversham, added: "The acquisition of BCA represents an important strategic step for Haversham into the automotive sector. BCA is a market-leading business with a unique position in the used vehicle marketplace.”
She concluded that Haversham saw a huge potential for expansion in the used car market and it would be bringing an updated strategy to BCA in order to boost growth.
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