Montagu Private Equity (Montagu) has made an agreed offer to acquire 100% of the shares of British Car Auctions (BCA). BCA is owned by a collection of private shareholders. Conditions, including competition clearance, are expected to be completed by the end of October.

BCA is Europe's leading vehicle remarketing business, providing physical and electronic vehicle auctions, together with a range of e-commerce activities and other related services. BCA operates out of 40 sites in 11 countries and generates gross auction proceeds of £3.3 billion per annum.

Wiet Stokhuyzen, Director at Montagu 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."

Jon Olsen, CEO of BCA added: "We are pleased that Montagu has acquired the business. Our customers should be reassured that we are committed to continuing the highest levels of service and intend to continue to invest in and to develop BCA. The senior management team is fully committed to staying with the business, to build on the success we have already achieved."

Montagu is a leading European private equity house, founded in 1968, and operated as HSBC Private Equity until 2003. HSBC continues to hold a minority stake. It invests across a wide range of businesses and currently has over £2 billion of funds and assets under management. 

Montagu Private Equity was advised by Linklaters, PricewaterhouseCoopers and CB Richard Ellis. Acquisition finance was arranged by the Royal Bank of Scotland.