British Car Auctions, the network of 40 auction sites, is expected to be acquired by buy-out group Montagu for £450m. BCA is owned by a number of private shareholders, including Conservative party donor Lord Ashcroft, many of whom will receive significant windfalls. Ashcroft's personal stake is estimated to be worth £200m. BCA operates in 11 countries and generates annual gross auction proceeds of £3.3bn. Jon Olsen, CEO of BCA, pledged that the senior management team would remain with the business while Montagu's Director, Wiet Stokhuyzen, commented: “We are excited about this acquisition. BCA is a first rate company with a highly regarded management team, which has delivered consistent and profitable growth for over a decade. We look forward to investing in further growth, particularly in Europe where BCA has developed a strong position.” The acquisition is expected to be completed by the end of October.
