NEW YORK – BCA has been sold by its private equity parent to another venture capitalist for an undisclosed fee, according to MotorTrader.com.
The deal, which was concluded just before Christmas, saw New York-based Clayton, Dubilier & Rice acquire the business from Montagu Private Equity.
David Novak, a London-based CD&R partner, said the acquisition was prompted by the company's desire to enter the European vehicle remarketing sector and grow the business.
"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," he said.
"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."
BCA operates out of 45 centers in 12 countries generating auction proceeds of around £4bn per year.
Jon Olsen, CEO of BCA welcomed the acquisition saying it would result in continued investment in the business.
"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."
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