02 Apr 2015
Acquisition, Fundraise, Main market listing, Reverse takeover
- Post Deal Mkt Cap: £1.17bn
Zeus Capital advises BCA Marketplace in £1.2bn listing
Zeus Capital has acted as joint broker on the acquisition and RTO of BCA Marketplace, which trades as British Car Auctions. The transaction involved a £1.03 billion equity fundraise, and the company will have a market capitalisation on Admission of approximately £1.17 billion.
BCA operates Europe’s largest used vehicle marketplace both in terms of the number of vehicles sold and revenue, as well as the UK’s market-leading provider of vehicle buying services, WeBuyAnyCar. The Group’s marketplace facilitates the exchange of used vehicles between vendors and buyers through both physical and online auctions across 12 countries in Europe.
Zeus Capital initially acted as joint broker to Haversham Holdings plc on its AIM admission in November 2014 with a £30 million institutional fundraise. Subsequently, BCA was identified as an acquisition target and has been acquired for £1.27 billion in a reverse takeover of Haversham alongside a de-listing from AIM, admission to the Standard Segment of the Main Market of the London Stock Exchange and a £1.03 billion equity fundraise.
The listing will also enable the company to restructure the balance sheet and provide an exit for the private equity owners.
We expect that BCA will become a FTSE 250 Company following the proposed move to a premium listing.
Avril Palmer-Baunack, Executive Chairman of BCA Marketplace plc, said:
"We are delighted to complete this transformational acquisition and listing on the Main Market of the London Stock Exchange. We are very grateful for the support from Zeus Capital who provided invaluable assistance with the formation of Haversham and initial AIM listing as well as acting as Joint Broker on this transaction. In particular I want to thank Mike Allen for the research support which was very important in the success of the acquisition and listing."
John Goold, CEO of Zeus Capital, commented:
"We are delighted to have supported Avril and her team as well as Marwyn and Cenkos on this landmark transaction. The £1.03 Billion placing includes a number of very high quality institutional investors and will enable the company to pay down debt and allow its Private Equity owner an exit. We believe the company has a very exciting future and we continue to look forward to working with BCA and its management on its journey as a public company.