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Last Updated: Wednesday, 23 February, 2005, 22:04 GMT
Kwik-Fit will be floated or sold
Still from Kwik-Fit television advertisement
Kwik-Fit is well known for its regular television advertisements
The owner of Kwik-Fit has appointed Deutsche Bank to advise on a possible sale or flotation of the car tyre and exhaust business.

Private equity group CVC Capital Partners said it and the German bank would work together on determining the best course for Kwik-Fit.

Kwik-Fit is expected to be valued at more than 700m.

Analysts say the company has strong cash flows and would make an attractive takeover target.

Well-known advertisements

"Deutsche and CVC are going to evaluate the strategic options for Kwik-Fit, but no decision has been taken yet in terms of whether it will be a trade sale or an IPO (initial public offering) or in terms of timing," said a spokesman for CVC.

Famous in the UK for its "You can't get better than a Kwik-Fit fitter" advertising slogan, Kwik-Fit is Europe's largest independent auto parts, repair and replacement specialist.

It has some 2,300 outlets including its mainland Europe subsidiaries - Speedy in France and Pit Stop in Germany.

Kwik-Fit opened its first outlet in Edinburgh in 1971.

In 1999 it was bought by US carmaker Ford for more than 524m, but then sold to CVC three years later for 330m.


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