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The investment firm Haversham Holdings has reached agreement to acquire the BCA Group.

 

BCA Group owns and operates Europe’s largest used vehicle marketplace. The proposed acquisition is valued at £1,231 million.

Avril Palmer-Baunack, is Haversham Holdings Executive Chairman.  She brings a wealth of experience within the automotive sector to the transaction, with a CV that includes CEO roles with: Stobarts Group Plc, Autologic Holdings Plc, and Universal Salvage Plc. Avril commented on the deal:  “The acquisition of BCA represents an important strategic step for Haversham into the automotive sector.  BCA is a market-leading business with a unique position in the used vehicle marketplace.  Haversham’s management team sees exciting growth opportunities in the changing European used vehicle market and plans to refresh BCA’s strategy to enhance its strong growth record.  We would like to thank our existing and new shareholders for their strong support and look forward to working with the management team at BCA to create long-term value.”

The transaction is to be funded by a placing of new Ordinary Shares and a new debt facility. Haversham will issue 685.7 million Placing Shares at 150 pence per share, to raise £1,028.5 million (before expenses) and a new £200 million term loan and the share consideration will be satisfied by the issue of the Consideration Shares.

Haversham describe BCA as having “an extremely robust position in a market with considerable barriers to entry which will grow strongly in the coming few years, as recent growth in new car sales translates into increased volumes of used car transactions.”

The investment firm expect considerable growth in the coming years for BCA as ”changes in the European automotive market, in particular trends towards consumers purchasing cars on PCPs, to drive greater volume through the auction channel, increasing demand for the BCA Group’s services.”

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