The shareholders of SMA Vehicle Remarketing Limited (SMA), the UK motor auction and services group, have sold the business to BCA Marketplace plc (BCA) for an enterprise value of US$66 million.
SMA is the largest and oldest independent motor auction group in the UK. The company has a multi-channel approach selling vehicles online and through its physical auction sites in Kinross, Edinburgh, Birmingham, Newcastle and Leeds offering dedicated sales for cars, light and heavy commercial vehicles. In addition, SMA offers a range of value-added services to vendors including inspection services, transport services and tactical repair.
BCA is Europe’s largest used vehicle marketplace, both in terms of the number of vehicles sold and revenue, as well as the UK’s market-leading provider of vehicle buying services through its ownership of WeBuyAnyCar.com. 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."
Mark Rijkse, shareholder and director of SMA, said: “We have thoroughly enjoyed working with the team.They offered us unstinting support and valuable advice throughout the transaction and were instrumental in helping us achieve this result.”
Oaklins Cavendish, based in the UK, advised the seller in this transaction.
Mark Rijkse, shareholder and director of SMA, said: “We have thoroughly enjoyed working with the team.They offered us unstinting support and valuable advice throughout the transaction and were instrumental in helping us achieve this result."
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