Clayton, Dubilier & Rice (CD&R), who own the car rental group Hertz, are just about to become the proud owners of British Car Auctions (BCA) in a multi-million pound deal. The owners of the rental chain are purchasing the group from another buyout company, Montagu Private Equity, for what is thought to be around £390 million.

BCA are one of the largest second car sales companies in the whole world and annually sell about £4 billion worth of vehicles each and every year. In the UK alone, just this year, they have soled an estimated 70,000 cars and vans. They have more than 45 branches across the world and deal with everyone from dealers and manufacturers through to leasing and rental companies.

Hertz has been using the firm for some time now, to release their older vehicles back into the market. The owners at CD&R have said they noticed the potential in the car sales firm a while ago and have been hammering out a deal that will take BCA to the next level in services and products.

The acquisition by CD&R will not spell out a lot of high management changes at the vehicle sales firm. The chief executive, Jon Olsen, will remain in the same position and the entire team will keep their equity in BCA. The only new addition of note will be one of the partners at CD&R, Fred Kindle, who will come in as chairman. With their headquarters still in the UK, it should be an excellent deal for the British business.