Car breaker and auction firm Synetiq has been sold a U.S-based online car re-marketer in a deal valued at £225m.
Insurance Automotive Auctions (IAA) is to pay £186m at the close of the deal and the balance after the Competition and Markets Authority have given the go-ahead.
Synetiq was formed in 2019 following the merger of four regional car breakers and auctioneers. In the months since it has expanded by acquiring other similar businesses and has substantially modernised systems and processes to improve efficiency and lead time.
An interview with CEO Tom Rumboll about the future of vehicle dismantling in the UK is the subject of the cover feature in the current issue of CAT magazine.
IAA has an existing presence in the UK with 14 physical auction sites. Essex-based HBC Vehicle services was acquired in June 2019 and rebranded under the IAA global style a year later.
John Kett, Chief Executive Officer and President of IAA, said, “This transaction significantly expands our business in the United Kingdom from both a scale and portfolio perspective, supporting the overall IAA growth strategy”.
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