Buyout Trio In Last Lap of BCA Sale

LONDON (Reuters) – Three buyout firms have made it on to the final lap of the race for Montagu Private Equity’s British Car Auctions (BCA), sources familiar with the situation said on Friday.

Cinven, Bridgepoint and Clayton Dubilier & Rice all submitted second-round bids for the business, which sells some 12,000 cars a week via online and live auctions, sources said.

Only the car sales arm and not the company’s 21 auction sites is up for sale and is valued at between 350 million pounds ($570.2 million) and 400 million, the sources said.

BC Partners [BCPRT.UL], which had been in the hunt for the business, has dropped out of the process, the sources added.

Montagu, Bridgepoint and BC declined to comment. Clayton Dubilier & Rice and Cinven were not immediately available. (Reporting by Simon Meads; Editing by David Holmes) ($1=.6138 Pound)