NEW YORK – Clayton. Dubilier & Rice, LLC (“CD&R”) reached a definitive agreement to acquire BCA from Montagu Private Equity.
BCA is Europe’s leading vehicle remarketing business, providing a variety of physical and online sales channels, together with a range of e-commerce activities and other related services including inventory management, logistics, vehicle inspection and pre-sale preparation. BCA operates out of 45 remarketing centers in 12 countries and generates gross auction proceeds of around £4 billion per annum.
David A. Novak, a London based CD&R Partner, commented: “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, CEO 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.”