Tue, 19 Oct 2021 | BUSINESS SALE
Car retailer Cazoo has announced the acquisition of online commercial vehicle retailer Vans365 for £6.5 million. According to a statement from Cazoo, Vans365 has generated 2021 revenue of £14 million due to the UK’s strong commercial vehicle rental market.
Cazoo said that this revenue was generated with an EBITDA margin of over 9 per cent, which would put the deal value at slightly over a 5x multiple of the company’s EBITDA. The deal will be paid for entirely in cash and is subject to FCA approval, which is expected over the coming weeks.
Based in Bristol and employing a strong UK team combining specialist customer service providers and in-house technicians, Vans365 is a major player in the UK’s booming commercial vehicles market, buying and selling hundreds of vans on a monthly basis
Following the acquisition, this business will be combined with Cazoo’s platform and brand, enhancing the buying firm’s staff as well as its customer offering. Cazoo also describes the deal as a key part of its planned expansion into the online commercial vehicles market later this year.
Cazoo founder and CEO Alex Chesterman said: "The market for commercial vehicles is worth £16bn annually, with more than one million vans sold each year in the UK, which expands our addressable market and is a natural product extension for us.”
"The acquisition of Vans365 will accelerate our planned launch of buying and selling commercial vehicles online later this year and will enhance both our customer proposition and team and I look forward to welcoming the Vans365 team to Cazoo."
Vans365 MD Jordan Franklin commented: "Like Cazoo, customer obsession is at the heart of Vans365's success and we’re delighted to be joining the Cazoo team to take our online proposition to the next level.”
"We have built strong supply relationships and achieved excellent customer feedback with a great team who have strong sector expertise and are looking forward to joining forces with Cazoo."
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