Details about the deal remain sketchy as the group undergoes due diligence. However, Montagu is not expected to adjust BCA’s growth strategy, which includes opening auction centres in more European countries.
BCA has 40 sites in 11 countries (22 in the UK) with turnover of £3.3bn per year. Spain, Finland and France are key expansion markets, while BCA is also likely to enter central and eastern Europe sometime next year.
Wiet Stokhuyzen, director at Montagu says: “BCA is a first rate company with a highly regarded management team, which has delivered consistent and profitable growth for over a decade. We look forward to investing in further growth, particularly in Europe where BCA has developed a strong position.”
Jon Olsen, CEO of BCA, adds: “We are pleased that Montagu has acquired the business. Our customers should be reassured that we are committed to continuing the highest levels of service and intend to continue to invest in and to develop BCA. The senior management team is fully committed to staying with the business, to build on the success we have already achieved.”
Montagu is a European private equity house, founded in 1968. It invests in a range of businesses and has over £2bn of funds and assets under management.