AT least six second-round bidders are in the frame to take over Kwik-Fit, with all the bids understood to value the Broxburn-based group at more than pounds-800 million. First round bids for the tyres and exhausts group, which has been owned by CVC Capital Partners since 2002, were due by May 13.
Bidders still in the race are understood to include private equity groups Apax, BC Partners, Kohlberg Kravis and Roberts and Paribas Affaires Industrielles.
Kwik-Fit has also received interest from several trade buyers. Earlier reports have listed tyre firms Bridgestone and Michelin as trade bidders, with store chain Wal-Mart also mentioned.
Trade bidders may also include German fast-fit group ATU. But a spokeswoman for France's Norauto said the Lillebased group is not among the bidders. "We just bought Midas Europe and have no interest in Kwik-Fit."
CVC bought Kwik-Fit from Ford for pounds-330m, and since 2002 has exited operations in Belgium and Spain, sold its UK garage servicing business Stop'n'Steer, and closed its Silver Shield windscreen replacement business and Hometune mobile servicing operation.
CVC has also consolidated its Kwik-Fit branch network in the UK while expanding in its other core markets.
Bidders have been attracted by Kwik-Fit's strong position in the fast-fit and autocentre market, seen by industry analysts as the growth sector of the European aftermarket.
According to research group Datamonitor, the European aftermarket is expected to show a modest decline in value, 1-per cent, through to 2008, but the fast-fit, autocentre and tyre specialist sectors should see a euros 1.5 billion rise in market value over the next three years.
A CVC spokesperson would not comment, except to say: "Interest has been high and the sale is expected to be wrapped up by late summer."
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