PAI Partners sells Kwik-Fit Insurance to Fortis

The sale will allow Kwik-Fit to reduce its net debt, which stood at £811m at the end of 2009. The deal should cut this figure to £486m, taking into account the £20m that PAI injected in the business in 2009. It is believed PAI is looking to exit the rest of the group's capital, with several bidders interested, including Blackstone, Permira and KKR.

The French private equity house acquired Kwik-Fit from CVC in 2005 for £800m. The insurance branch of the car repair specialist latest results show a 24% rise in EBIT and 4% increase in turnover for 2009.

The unquote" team is currently researching this transaction. In-depth deal information for subscribers will follow shortly.

If you have any information regarding this transaction, please contact Grégoire Gille on +44 20 7484 9824 or gregoire.gille@incisivemedia.com

 

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• Topics
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• Exits
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• Partial sale
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• Fortis