Haversham reverses away with British Car Auctions
BRITISH Car Auctions, the owner of North West-based WeBuyAnyCar has been sold to a consortium of investors for £1.17bn.
Manchester-based Zeus Capital acted as joint broker to Haversham Holdings, a listed bid vehice chaired by Avril Palmer-Baunack – who had a brief stint as chair of at Stobart, which is buying the business from US private equity firm Clayton Dubilier & Rice.
The deal involved a £1.03bn equity fundraise which gives the business a market capitalisation on IPO of approximately £1.17bn.
Surrey-based BCA operates Europe’s largest used vehicle marketplace both in terms of the number of vehicles sold and revenue.
Zeus initially advised Haversham Holdings plc on its AIM admission in November 2014 with a £30m institutional fundraise.
Nick Cowles of Zeus said: “The £1.03bn placing includes a number of very high quality institutional investors and will enable the company to pay down debt and allow its private equity owner to exit. We believe the company has a very exciting future and we continue to look forward to working with BCA and its management on its journey as a public company.”
Led by motor trade entrepreneurs brothers Noel and Darren McKee, Middleton-based WeBuyAnyCar was sold to British Car Auctions last year for an undisclosed sum. In 2013 it had revenues of more than £500m.
The McKee’s original business, Carcraft, was acquired by its management in 2014.
Cenkos Securities is acting as lead manager and broker and joint financial adviser in relation to the BCA deal.
Roger Hart, a partner at the Manchester office of law firm Addleshaw Goddard, advised Zeus on the deal.
