Vans365, a leading independent online commercial vehicle retailer, has been acquired by online car retailer Cazoo in a deal supported by FRP Corporate Finance.
Headquartered in Bristol, Vans365 is one of the UK’s fastest growing commercial van dealerships. It employs a team of experienced in-house technicians and customer service advisers, who specialise in buying and selling hundreds of new and used vans every month, and is set to record revenues of £14 million for 2021.
The deal, which sees Cazoo acquire Vans365 for £6.5 million, will combine Vans365’s expertise and relationships in the commercial vehicle market with Cazoo’s world-class platform and brand. It will also enable Cazoo to accelerate its planned launch into buying and selling commercial vehicles online later this year, as well enhancing its customer offering and team.
A team led by FRP Corporate Finance Partner Mark Naughton acted as lead sell-side advisers, supporting Managing Director Jordan Franklin on the sale. TLT provided legal advice.
Jordan Franklin, Managing Director of Vans365 said: “We’re delighted to be joining the Cazoo team to take our online proposition to the next level. We have built strong supply relationships and achieved excellent customer feedback with a great team who have strong sector expertise, and are looking forward to the next stage of our growth journey.
“I’d also like to thank Mark and the team at FRP for their unwavering support during the deal process. Their knowledge and expertise has guided us through every step of the sale and it’s with their support that we’ve been able to achieve such a fantastic result for all parties.”
Mark Naughton, FRP Corporate Finance Partner, added: “Jordan and the team at Vans365 have built a fantastic business and it has been a pleasure to support them on such an important deal. With a focus on quality and service, Vans365 is a great strategic fit with Cazoo and I’m looking forward to seeing how it will strengthen Cazoo’s commercial offering as it kickstarts the next phase of its expansion plans.”
Cazoo is one of the fastest growing businesses in Europe and has already sold over 40,000 cars online since its launch less than two years ago. Its launch into commercial vehicles later this year will further expand the proposition and selection available on its website.
Alex Chesterman OBE, Founder & CEO of Cazoo said: “The market for commercial vehicles is worth £16 billion annually, with over one million vans sold each year in the UK, which expands our addressable market and is a natural product extension for us. The acquisition of Vans365 will accelerate our planned launch of buying and selling commercial vehicles online later this year and will enhance both our customer proposition and team, and I look forward to welcoming the Vans365 team to Cazoo.”
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