Online used car retailer Cazoo is to acquire Brumbrum, an online car retailer and subscription platform based in Italy.
Founded in 2016, Brumbrum is based in Milan and has a team of 180 staff, including at its 40,000 square metre vehicle preparation site in Reggio Emilia, which has the capacity to refurbish over 15,000 cars annually. The business offers hundreds of vehicles for sale, finance or subscription for delivery across Italy.
The acquisition is valued at €80 million in a mix of cash and Cazoo shares. Senior bankers including Mauro Premazzi and Vagelis Kollintzas from investment bank Jefferies Group advised on the deal.
Following recent launches in France and Germany and acquisitions in Spain and Italy, the UK headquartered firm will now have a presence across each of the five largest European markets for used cars.
Alex Chesterman OBE, Founder & CEO of Cazoo said: “Brumbrum is the leading online car retailer and car subscription player in Italy and has built a great team, culture and business and much like Cazoo in the UK, it has been pioneering the shift to online car buying in Italy.”