British Car Auctions in £200m float
BRITISH Car Auctions (BCA), which has a major site at Belle Vue in south Manchester, plans to raise £200m with a stock market flotation.
The Surrey-based business sold 900,000 cars last year from 200 locations across Europe.
BCA is also behind Webuyanycar.com which it acquired last year from Noel and Darren Mckee, founders of Rochdale car dealership Carcraft.
Over the three year period to December 31, 2013, the group saw revenues rise 74% to £442.3m, with adjusted earnings before interest, tax, depreciation and amortisation growing by 27% to £62.5m.
BCA, bought by US private equity firm Clayton Dubilier and Rice in 2010 for around £400m, said it will use the proceeds of the float to repay debt.
Chief executive Jon Olsen said: “The IPO of BCA is a natural development for our business and will provide us with the right ownership base to continue to deliver on our strategic ambitions. BCA comes to the market with an excellent track record of growth in revenues, earnings and strong cashflow generation.
“We have a proven business model that allows us to help buyers and vendors maximise value, liquidity and choice in the used vehicle market through their preferred channel, be it physical or digital. We are proud of our record as the partner of choice for professional buyers and vendors and our role as the UK’s number one vehicle buying service under the webuyanycar brand.”
Details of the pricing have not yet been disclosed.
