CAP Automotive sold in £288m deal
AUTOMOTIVE intelligence firm CAP has been sold in a £288m deal to US-based Solera Holdings.
Leeds-based CAP Automotive – a market leading provider of vehicle valuation data, new vehicle information and business solutions to the automotive industry – has been sold by private equity firm, Montagu.
Montagu acquired CAP in 2012 and has increased its workforce by over 75% to around 130 people and helped boost revenues by more than 40% to £22m.
Solera Holdings is a leading provider of risk and asset management software and services to the automotive and property marketplace and is active in more than 70 other countries worldwide.
Ian Rendle, CAP Automotive CEO, said: “CAP’s market-leading data, risk and asset management expertise, and dedication to enabling informed customer decisions makes us a natural fit in the Solera family. In taking this exciting step, I am most excited by the opportunities it will bring for our customers.”
Edward Shuckburgh, director of Montagu, said: “We are very proud to have worked closely with CAP’s excellent management team to accelerate the company’s growth, both in the UK and internationally, through significant investment in its data-products, the team and selective acquisitions. We wish the CAP team well and know they will continue to thrive under the ownership of Solera.”
Tony Aquila, Solera’s founder, chairman and chief executive officer, added: “The acquisition of CAP is the latest in a series of investments in Solera’s risk and asset management strategy, adding capabilities that create a unique ‘digital garage.’ Expanding Solera’s valuation services through CAP will connect Solera’s investments and grow its presence in each phase of the vehicle lifecycle, from purchase, through SMR, to sale or salvage.
“Expanding from the UK across advanced European markets, CAP data will enable households to make informed, market-driven decisions affecting their automotive assets.”
The Addleshaw Goddard corporate team, led by Tim Wheldon with support from Dahren Naidoo, Amy Pierechod and Catherine Concannon, advised CAP management.
