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BCA sold to US private equity company

Montagu Private Equity has sold the operating company of British Car Auctions (BCA) to US private equity company Clayton, Dubilier and Rice for an undisclosed sum. 

Montagu led the buyout of BCA in October 2006 from a collection of private shareholders.

The business was divided into an operating company, which is being sold to CD&R, and property arm, which is being retained by Montagu.

Jon Olsen, chief executive officer of BCA, said: “We are proud of the progress the business has made over the last three years. Montagu has been a supportive partner in the further development of BCA as Europe’s pre-eminent used vehicle remarketer.

“Going into 2010 we have more sites selling more vehicles to more customers via more channels than ever before.

"This will enable us to continue to deliver the high level of service our customers have come to expect. As a consequence, we look to the future with confidence and look forward to working with CD&R in continuing to grow our business.”

Clayton, Dubilier and Rice owns the US rental chain Hertz.

David Wasserman, a partner at CD&R, said: "Our work with Hertz and other similar services companies makes us very comfortable with the business model and value proposition of BCA.

 

"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."

 

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