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BCA sold to CD&R
Date: 28 December 2009
BCA, the UK's largest auction and remarketing firm, has been sold to private equity firm Clayton, Dubilier & Rice by Montagu Private Equity for an undisclosed sum.
National newspapers have speculated the deal will be concluded for between £400m and £500m. Montagu bought BCA three years ago for £450m.
David Novak, a partner at CD&R, said: "CD&R was attracted to BCA because it provides an opportunity to invest in Europe's leading provider of used vehicle remarketing services behind a management team with a proven record of creating value, with a view to growing and expanding the business in both the UK and Europe. We look forward to supporting the company as it pursues a number of exciting long term growth opportunities, including expansion into new countries, the introduction of new services and strategic acquisitions."
Jon Olsen, chief executive of BCA added: "We are pleased that CD&R has acquired the business. Our customers should be reassured that we are committed to continuing the highest levels of service and intend to continue investing in the development of BCA. The senior management team is fully committed to staying with the business and to build on the success we have already achieved."
CD&R also owns vehicle rental firm Hertz which it bought from Ford in 2005.
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