Kwik-Fit For Sale for £250 million?
Kwik-Fit, the UK’s leading tyre retailer, has reportedly been put up for auction by its owners PAI Partners. PAI, a French private equity group, bought Kwik-Fit from CVC Capital Partners for roughly £800 million in 2005 after seeing off competing bids from suitors including global tyremaker Bridgestone. Newspaper reports from sources including The Guardian and The Scotsman published on the 30 and 31 May respectively suggest that Kwik-Fit has once again attracted the attention of private equity groups including Blackstone, KKR and Permira. However both reports also speculate about the likelihood of Bridgestone’s involvement in bidding for Kwik-Fit’s latest change of ownership. A source close to Kwik-Fit’s owners told Tyres & Accessories that the press reports were inaccurate and “there is no formal sale process,” but confirmed that there is a formal sale process for the firm’s insurance arm.