Wed, 02 Apr 2014 | MBO/MBI
The chief executive of Carcraft has led a management buyout from its previous owners, Darren and Noel McKee.
Robin Bridge, the CEO of the car supermarket group, was backed by Apollo Ventures to purchase the company for an undisclosed sum, with the deal announced on Monday (31 March). The McKee brothers bought the business from their father in 1998 and the company, which has 11 sites across the UK, has an annual turnover of £3.2 billion.
Hogan Lovells, Collyer Bristow, Pinsent Masons and PwC all advised on the MBO.
The McKee brothers own a diverse portfolio of other businesses in the property, finance and automotive space. They also founded Webuyanycar in 2006 before selling it to BCA last year. The pair stated Carcraft was no longer one of the family’s core businesses and that this was the best move to take the 63-year-old company forward.
Darren McKee said: "We are delighted to pass the baton on to Robin Bridge and his team. Robin, who has been with the company for 16 years, has the knowledge and skills needed to progress further.
"He has been in the driving seat and treated the business as his own and we felt the time was right to allow him and his team to fulfil a management buyout. We are also pleased that consumer lending is rapidly improving and this bodes well for the Carcraft model."
Robin Bridge added: “We have a very loyal and hardworking team and availability for consumer credit has almost doubled since its low point in the recession. The McKee brothers have left us with a fantastic legacy and one which my team and I are relishing the opportunity to build on in the coming years."
______________________________________________________________________
Related information:
Latest businesses for sale
Opportunity to acquire a leading independent reseller of large format printer brands in London, offering significant market presence and established client relationships.
Opportunity to acquire a renowned mechanical and electrical company in Hampshire known for its commitment to excellence and industry trust.
An established lettings agency located on the South Coast in Lincoln presents a unique opportunity for acquisition.
LEASEHOLD
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.