TDR to de-list BCA Marketplace in £1.9bn deal

Neuberger Berman Private Equity is also investing for a minority stake, with the transaction valuing BCA's shares at 243 pence apiece.

The price represents an enterprise value multiple of 12.5x the company's adjusted EBITDA for the year ending in March 2019. It is also a 29.5% premium on the company's average share price of 187.7 pence apiece in the month leading up to the announcement.

BCA, which operates physical and online used vehicle auction marketplaces, generated EBITDA of £171.9m from revenues of £3bn in the year ending in March 2019, according to a statement.

The transaction is subject to shareholder approval, though TDR and Neuberger Berman have received irrevocable undertakings accounting for BCA directors' combined 1% stake in the business and support from shareholders holding a combined stake of around 44%.

TDR is currently investing from TDR Capital IV, which closed on its hard-cap of €3bn in March 2017.

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