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Saturday, 1 February, 2003, 10:55 GMT
Kwik-Fit buyout Scotland's top deal
Kwik-Fit employee
Kwik-Fit was sold for 330m in August
The purchase of Kwik-Fit by private financiers was the largest company buyout in Scotland last year, according to a new survey.

Kwik-Fit Holdings, founded in Edinburgh by Sir Tom Farmer in 1971, was bought by venture capitalist CVC Capital Partners in August 2002 for 330m.

The company was sold by Ford Motors who had bought it for 1bn in 1999.

Last year's buyout was the top Scottish takeover on a new league table of Britain's 100 largest private equity deals put together for the Sunday Times.

Kwik-Fit logo
The company was sold to Ford in 1999

The Deal Track 100 league table was compiled by Oxford-based research company Fast Track.

It ranks the UK's 100 largest private equity deals completed in 2002 by total deal value.

The deal to sell Kwik-Fit, which runs 2,500 car maintenance workshops across Europe, was concluded after eight months of bidding.

Those competing to buy the company included Halfords and former owner Tom Farmer.

CVC's successful bid bought them an 81% stake in the company, with Ford retaining the remaining 19%.

Oil exploration

It is joined by other notable deals in companies with headquarters in Scotland, including the 67.5m buy-out of high-street clothing retailer Edinburgh Woollen Mill and the 40m buy-out of the upmarket car dealer Glenvarigill.

Founded in 1967, it has 26 showrooms throughout Scotland, which sell prestigious brands such as Ferrari, Maserati, and Porsche.

In July 2002, its owners, the Edinburgh-based liqueur company Drambuie, sold the business to its management in a 40m deal.

The other Scottish firms in the table were management consultancy firm Wood Mackenzie, oil exploration firm Pentex Energy, camping holiday operator Canvas Holidays and hydraulic hose maker Hydrasun.

Equity and debt

Money for the Kwik-Fit deal was provided by Bank of Scotland, which provided debt facilities for six of the seven Scottish deals.

The bank was also the debt provider for the largest number of deals - 28 - on the league table.

Despite it being a lean year for private equity investment, the seven Scottish deals raised a total of 538 million in equity and debt, the table revealed.

The 100 companies throughout the UK named in the paper's table raised a total of 14bn.

See also:

16 Oct 02 | Business
12 Aug 02 | Business
16 Aug 02 | Business
28 Jun 02 | Business
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