BCA Marketplace Plc has acquired car auction services group SMA Vehicle Remarketing Ltd for £42 million.
The figure includes the repayment of existing debt, which BCA has funded through its existing cash resources.
SMA posted earnings of £4.7m for the year to the end of October 2014 (before interest, taxation, depreciation and amortisation), on revenue of £37.2m.
BCA has syndicated its existing £200m term loan and increased it to £275m, as well as a £100m revolving credit facility – resulting in total facilities of £375m.
BCA executive chairman Avril Palmer-Baunack said in a statement: "We are delighted to have completed this value-accretive acquisition so soon after listing BCA and to be delivering on our previously stated intention to pursue both organic and non-organic routes to accelerate growth of the auction exchange and support services.”
SMA Vehicle Remarketing is a UK independent car auction company with centres in Edinburgh, Kinross, Leeds, Newcastle and Birmingham.
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