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City investors planning to buy BCA - reports

British Car Auctions is set to be acquired by a consortium of investors, known as Haversham Holdings, according to Sky News.

Haversham was set up last year with the aim of buying “substantial companies and businesses in the UK and European automotive, support services, leasing, engineering or manufacturing sectors”. (Click here to read about its launch)

It is led by Avril Palmer-Baunack, who used to run the vehicle logistics business Autologic and ran the haulier Stobart. She is reported to have the backing of a funding group comprising including Aviva Investors, Artemis, Invesco and Schroders.

The private equity firm Clayton Dubilier & Rice (CD&R) acquired BCA in 2009. After the IPO of BCA failed last year the equity firm has been exploring options of selling the business. If the deal proceeds, it will be the second time in six months that Clayton Dubilier & Rice (CD&R) has looked to offload BCA.
CD&R blamed volatile global equity markets for not making BCA public.

It said: “The board and shareholders were very encouraged by the broad engagement and interest in BCA shown by investors and remain excited about supporting the next phase of the group’s growth.

“BCA has an excellent track record as Europe’s leading used vehicle marketplace with strong revenues and earnings growth on the back of momentum across its physical and digital platforms.”

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