Kwik-Fit to be Floated or Sold
Private equity group CVC Capital Partners, the owner of Kwik Fit, has appointed Deutsche Bank to advise on a possible sale or floatation of the retail business. CVC said it and the German bank would work together on determining the best course for Kwik-Fit, according to a BBC report. Kwik-Fit is expected to be valued at more than £700 million with some estimates reaching £1 billion. Analysts report the company has strong cash flows and would make an attractive takeover target.
“Deutsche and CVC are going to evaluate the strategic options for Kwik-Fit, but no decision has been taken yet in terms of whether it will be a trade sale or an IPO (initial public offering) or in terms of timing,” said a spokesman for CVC. Famous in the UK for its “You can’t get better than a Kwik-Fit fitter” advertising slogan, Kwik-Fit is Europe’s largest independent auto parts, repair and replacement specialist. It has some 2,300 outlets including its mainland Europe subsidiaries – Speedy in France and Pit Stop in Germany.