Wed, 02 Apr 2014 | MBO/MBI
The chief executive of Carcraft has led a management buyout from its previous owners, Darren and Noel McKee.
Robin Bridge, the CEO of the car supermarket group, was backed by Apollo Ventures to purchase the company for an undisclosed sum, with the deal announced on Monday (31 March). The McKee brothers bought the business from their father in 1998 and the company, which has 11 sites across the UK, has an annual turnover of £3.2 billion.
Hogan Lovells, Collyer Bristow, Pinsent Masons and PwC all advised on the MBO.
The McKee brothers own a diverse portfolio of other businesses in the property, finance and automotive space. They also founded Webuyanycar in 2006 before selling it to BCA last year. The pair stated Carcraft was no longer one of the family’s core businesses and that this was the best move to take the 63-year-old company forward.
Darren McKee said: "We are delighted to pass the baton on to Robin Bridge and his team. Robin, who has been with the company for 16 years, has the knowledge and skills needed to progress further.
"He has been in the driving seat and treated the business as his own and we felt the time was right to allow him and his team to fulfil a management buyout. We are also pleased that consumer lending is rapidly improving and this bodes well for the Carcraft model."
Robin Bridge added: “We have a very loyal and hardworking team and availability for consumer credit has almost doubled since its low point in the recession. The McKee brothers have left us with a fantastic legacy and one which my team and I are relishing the opportunity to build on in the coming years."
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