It wouldn’t be a solid 60 days without Cazoo making a purchase, and true to form, the online car retailer has announced the acquisition of an Italian used car retail and subscription player. on line disorganized. The €80m deal is made up of a mix of cash and Cazoo shares and is expected to be finalized in the coming days.
Founded in 2018 and launched just two years ago, Cazoo’s timing couldn’t have been better and with the help of a staff of 3,800 in the UK, France, Germany, Spain and in Portugal. has seen over 50,000 cars pass through the doors of its (virtual) showroom.
In less than a year, the company went public via a SPAC merger, record second quarter figures and a seemingly endless series of acquisitions, including SMH Fleet Solutions for £70m and Swipcar for £30m. euros.
As reported in August, Cazoo is actively pursuing its expansion plans in continental Europe, and the acquisition of brumbrum is a good fit, now strengthening the company’s presence in southern Europe.
Brumbrum is an attractive buy for Cazoo as the company has a 40,000 square meter vehicle preparation site in Reggio Emilia which has the capacity to refurbish over 15,000 cars a year, a specialty of Cazoo.
On the acquisition of brumbrum CEO and founder, Francesco Banfi commented: “We have built a very strong team with great business relationships at brumbrum and I am very proud of what we have all achieved so far. The combination with the Cazoo platform and brand will allow us to significantly develop the Cazoo service in Italy. Cazoo’s vision and strategy are fully aligned with ours and I look forward to joining forces and accelerating the launch of Cazoo and the digital transformation of the car buying, selling and subscription experience. in Italy and the rest of Europe.
New York-based investment bank and financial services provider Jefferies acted as sole financial advisor to brumbrum in connection with the transaction.
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