CONSTELLATION AUTOMOTIVE acquired by HAVERSHAM HOLDINGS
Context
The sale of BCA to Haversham Holdings marks a significant transaction in the European used vehicle market. Under CD&R ownership, BCA has undergone significant transformation, diversifying its business and investing in technology and digital platforms. The company's growth initiatives and operating improvements have resulted in an increase in EBITDA of approximately 85% under CD&R's ownership. The transaction is expected to close in early April, with shareholders of BCA receiving £701 million in cash and £104 million in stock. The deal is the result of a thorough process, with CD&R working closely with its financial advisors, including HSBC Bank plc, J.P. Morgan Limited, Rothschild, and UBS Limited, as well as its legal advisors, Clifford Chance LLP and Debevoise & Plimpton LLP. The transaction demonstrates the attractiveness of the European used vehicle market and the potential for growth and value creation in the sector.
CONSTELLATION AUTOMOTIVE, which reported an EBITDA margin of in 2015, is valued in this transaction at an EV/EBITDA multiple of , representing a level the average currently observed in the Industry & Manufacturing sector (11.6x).
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Target
Constellation Automative (ex BCA Marketplace) is a leading car auctioneer in the United Kingdom, operating a digital used car marketplace that connects buyers and sellers across Europe. The company's business model is centered around providing a platform for the sale of used vehicles, with a focus on digital auctions and online remarketing. Constellation Automative generates revenue through a combination of auction fees, advertising, and data analytics services. The company's distribution channels include its online platform, as well as a network of physical auction sites. With a strong presence in the UK and a growing footprint in other European markets, Constellation Automative is well-positioned to capitalize on the increasing demand for online used car sales. The company's key assets include its digital platform, its network of auction sites, and its access to a large inventory of used vehicles.
Ent. Value
Equity Value
Multiples
EV / Revenue
EV / EBITDA
EV / EBIT
Historical Financials (GBP)
Other operations with CONSTELLATION AUTOMOTIVE
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 12/2021 | CONSTELLATION AUTOMOTIVE | CARNEXT | UNITED KINGDOM | E-commerce & Marketplaces |
| 11/2019 | TDR CAPITAL | CONSTELLATION AUTOMOTIVE | UNITED KINGDOM | Dealerships |
REFERENCES
Valuation range: EV 1b - 4b GBP
Revenue range: 750M - 1.3b GBP
EBITDA range: 100M - 200M GBP
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Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.
Target: constellation automotive