Funds advised by CVC Capital Partners ("CVC") have agreed to acquire a majority stake in Autobar Group from funds advised by Charterhouse Capital Partners ("Charterhouse"). Charterhouse, management and employees are retaining significant minority stakes.
Autobar Group ("Autobar") is one of Europe's leading vending businesses, with around 100,000 customers in 11 countries in Europe and sales of €569 million in the year to March 2010.
CVC and Charterhouse believe that Autobar is an exciting platform for growth within the European vending industry over the next five years. The sources of this growth are expected to include increased throughput in the existing machine park and deployment of new machines and acquisitions.
The shareholders look forward to working with Andrew Bristow, Chief Executive Officer, and the Autobar employees, to achieve the full potential of the business over the years ahead.
Closing of the transaction remains subject to regulatory clearance, and is expected to take place in September 2010.
CVC was advised by HSBC and Charterhouse was advised by Rothschild, Nomura and BNP Paribas. The financing was led by BNP Paribas, HSBC and Nomura as MLA's and Bookrunners, and ING as MLA. CVC Cordatus joined the financing at signing as a cornerstone investor.
Andrew Bristow, Chief Executive Officer of Autobar, said: "There are a significant number of growth opportunities for Autobar in the market today, and CVC and Charterhouse are excellent partners with whom to pursue these opportunities over the years ahead."
Rob Lucas, Managing Partner at CVC, said: "Autobar provides core services to around 100,000 clients in 11 countries in Europe. We have been impressed with the track record of growth in this business and we are pleased to have the chance to back Andrew Bristow and his team in the next stage of Autobar's development."
Stuart Simpson, Partner at Charterhouse, said: "We have had a great six years with Autobar, working to create Europe’s number one vending player by profits. We are please that CVC has seen the potential of the business and we look forward to staying involved as a minority shareholder in the business."