Kwik-Fit sold in £800 million deal

Monday, 27 June 2005
Speedy 1, has emerged as the new owner of Kwik-Fit after agreeing an £800 million deal with CVC for the fast fit chain.

Speedy 1, which is controlled by PAI partners, the private equity firm, said it intends to strengthen Kwik-Fit's position in the European fast-fit market. Commenting on the sale, a partner at CVC Rob Lucas, said: "Kwik-Fit has been an excellent investment for CVC. Since our acquisition in 2002, the company has been transformed and is now delivering substantially improved financial performance. Kwik-Fit is well positioned for its next phase of growth."
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