CVC to sell Kwik-Fit

CVC is to sell Kwik-Fit to Speedy 1 Limited, a company controlled by PAI partners, for £800m.

Ford sold Kwik-Fit to CVC Capital Partners for £330m at a considerable discount to the £1bn it paid for the business in 1999.

Founded in 1971, Kwik-Fit has steadily grown through acquisitions and new centre openings to become a European leader in fast-fit automotive services. The Kwik-Fit network encompasses 1,685 centres and 215 mobile units across the UK, Netherlands, France (trading as Speedy) and Germany (trading as Pit-Stop).

Robert Lucas, partner at CVC, said: “Kwik-Fit has been an excellent investment for CVC. Since our acquisition in 2002, the company has been transformed and is now delivering substantially improved financial performance. Kwik-Fit is well positioned for its next phase of growth.”

Deutsche Bank acted as financial adviser to CVC and Goldman Sachs as financial adviser to PAI in this transaction.