It wouldn’t be a solid 60 days without Cazoo making a purchase, and true to form, the online car retailer has announced the acquisition of Italian online used car retail and subscription player brumbrum. The €80 million deal is comprised of a mix of cash and Cazoo shares and is expected to finalise in the coming days.
Founded in 2018 and launched just a short two years ago, Cazoo’s timing couldn’t have been better and with the help of a staff of 3,800 across the UK, France, Germany, Spain, and Portugal. has seen over 50,000 cars pass through it’s (virtual) showroom doors.
In less than a year the company has seen a public listing via a SPAC merger, record Q2 numbers, and a seemingly unending round of acquisitions including SMH Fleet Solutions for £70 million and Swipcar for €30 million.
As noted back in August, Cazoo is aggressively pursuing continental European expansion plans, and the acquisition of brumbrum falls right in line, now adding to the company’s presence in southern Europe.
Brumbrum makes for an attractive purchase for Cazoo in so much as the firm has a 40,000 square metre vehicle preparation site in Reggio Emilia, which has the capacity to refurbish over 15,000 cars annually, a Cazoo specialty.
On the acquisition brumbrum CEO and founder, Francesco Banfi commented, “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.”
New York-based investment bank and financial services provider Jefferies acted as the sole financial adviser to brumbrum on the deal.