Europe’s leading online car retailer, Cazoo, has just acquired brumbrum, a leading Italian used car retail and subscription player. The deal will see Cazoo purchase brumbrum for €80 million in a mix of cash & Cazoo shares and the transaction is expected to complete in the coming days. Cazoo will now have a strong presence across each of the 5 largest European markets for used cars (France, Germany, Spain, Italy and the UK).
Founded in 2016, Milan-based brumbrum has a staff of over 180 and offers hundreds of vehicles for sale, finance, or subscription for delivery across Italy. Italy itself is the 4th largest car market by volume and value in Europe.
Cazoo is a key player in the European car retail market, and since its 2019 UK launch, it has been on the fast track to European-wide success. The young company was listed on the NYSE last year and has already built a world-class team of over 3,800 across the UK, France, Germany, Spain and Portugal.
To date, Cazoo has sold over 50,000 cars online On the platform it is possible to view a wide range of certified used and 0 km cars with up to 3 years of warranty, which can be purchased conveniently online.
After taking the unicorn crown in 2020, it’s a company that has been expanding rapidly across Europe, with acquisitions of Barcelona’s Swipcar, Bristol’s Van365, UK’s Drover and Germany’s Cluno. This latest acquisition firmly consolidates Cazoo as a European leader in the car retail and subscription market. It’ll be interesting to see where this next year takes them.
Alex Chesterman OBE, Founder & CEO of Cazoo said: “brumbrum is the leading online car retailer and car subscription player in Italy and has built a great team, culture and business and much like Cazoo in the UK, it has been pioneering the shift to online car buying in Italy. We are expanding into key European markets at a faster pace than anticipated and this acquisition will accelerate our launch plans in Italy so that we can deliver better selection, value, quality and convenience to consumers when buying or subscribing to their next car in Italy. I look forward to welcoming the brumbrum team to Cazoo and working with them to deliver the best car buying experience to Italian consumers.”
The transaction will combine Cazoo’s market-leading brand, platform and funding with brumbrum’s strong team, local market expertise and commercial relationships across Italy and, once integrated, will accelerate the launch of Cazoo’s full proposition throughout Italy by the middle of this year.
Francesco Banfi, Founder & CEO of brumbrum said, “We have built a very strong team with excellent commercial relationships at brumbrum and I am very proud of what we have all achieved so far. The combination with the Cazoo platform and brand will significantly enable us to grow the Cazoo service in Italy. Cazoo’s vision and strategy is entirely aligned with ours and I am looking forward to joining forces and accelerating the launch of Cazoo and the digital transformation of the car buying, selling and subscription experience across Italy and the rest of Europe.”
via https://www.AiUpNow.com
January 26, 2022 at 07:42AM by contact@bcurdy.com, Khareem Sudlow
