Motor auction group acquired in £43m deal
MOTOR giant BCA Marketplace has acquired Leeds-based motor auction group SMA Vehicle Remarketing.
BCA are the owners of webuyanycar.com and operate in 13 countries, as well as B2B sales of vehicles matching vendors and buyers across the country.
The firm was acquired by AIM-listed Haversham Holdings in a reverse takeover which led the firm to become listed on the stock exchange.
SMA sells vehicles online and through its auction sites in Kinross, Edinburgh, Birmingham, Newcastle and Leeds. It also offers a range of value-added services to vendors including inspection services, transport services and tactical repair.
The SMA Group reported revenue of £37.2 million and adjusted EBITDA of £4.7 million in the year ended 31 October 2014.
SMA has been acquired for an enterprise value of £43 million, including the repayment of its existing debt, which has been settled in cash through the utilisation of BCA’s existing resources plus a temporary drawdown on the Company’s revolving credit facility.
The valuation is underpinned by strong earnings and a significant property portfolio of auction sites with a net book value of almost £20 million.
Avril Palmer-Baunack, executive chairman of BCA said: “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. We welcome the SMA management team led by Bob Anderson to the BCA Group and look forward to working with them to continue to provide a pre-eminent service to our buyers and vendors”.
