BCA, Britain and Europe’s largest vehicle auction group, has attracted bids from a clutch of private equity groups that are expected to submit final offers next month.
The bids are expected to value the company at up to £500 million. Bridgepoint, Cinven, BC Partners and Clayton Dubilier & Rice are all expected to reach the second round of bidding for BCA.
The Financial Times speculated that CD&R may have an edge in the auction as it already owns Hertz, the car rental group, which uses BCA to sell its older vehicles when it renews its fleet.
BCA was bought by private equity group Montagu for £450m in 2006. Montagu split the operating company of BCA from its property arm, which is valued at about £250m and is not expected to be sold.
Source: Financial Times
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