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BCA bought in £450m deal

Date: 20 September 2006

Auction group BCA has been dramatically snapped up by a private equity group.

Offering a rumoured £450m, the Montagu Private Equity group bought 100% of the BCA's shares from private shareholders in a move that surprised the stock market and industry alike.

Director of Montagu, Wiet Stokhuyzen, spoke of being attracted by a remarketing business that had delivered "consistent and profitable growth for over a decade".

Stokhuyzen said Montagu would be "investing in further growth, particularly in Europe".

BCA CEO Jon Olsen welcomed the acquisition. Olsen also confirmed the senior management team will remain, and renewed his commitment to continue to develop the highest levels of customer service while building "on the success already achieved".

Currently, BCA operates out of 40 sites in 11 different countries and has an annual turnover of £3.3 billion per year.

Montagu is a leading private equity firm that operated as HSBC Private Equity until 2003.