BCA has bought SMA Vehicle Remarketing (SMA), the UK motor auction and services group for £43m, including debts.
It is the first major major acquisition made by BCA since it was sold by its private equity owners Clayton Dubillier & Rice (CD&R) to Haversham Holdings in March in a deal valuing the company at £1.2bn.
SMA has physical centres in Kinross, Edinburgh, Birmingham, Newcastle and Leeds selling cars and light and heavy commercial vehicles. It also sells online
It offers remarketing services related to inspections, transport and repairs. The SMA Group recorded revenue of £37.2m and adjusted EBITDA of £4.7m in the year ended 31 October 2014. The company owns property worth £20m.
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”.
