BSM sold to German private equity firm
11 February 2009
Author: Tristan Young
Driver training firm BSM has been sold to Arques Industries by motoring insurance giant Aviva for an undisclosed sum.
Arques is a German private equity firm that specialises in buying underperforming businesses and turning them around in three to five years.
Aviva has run BSM since 2005 when it gained control of the firm as part of its acquisition of RAC.
According to a statement by Aviva the assets of BSM totalled £36 million and runs a franchised network of 2700 driving instructors.
Aviva's UK general insurance chief executive, Igal Mayer, said: "This sale is part of our on-going programme to transform our UK general insurance business through an increased focus on our core insurance and vehicle breakdown activities, allowing us to provide a first-rate service to our customers. I'm delighted that we'll continue to have a working relationship with BSM in the future through a long-term arrangement to market our insurance products to BSM's customers."
Arques also owns Auto Windscreens which it bought from Aviva last year.