No financial details were revealed but the Financial Times reported on Monday that the price of the stake was €1.2bn. Charterhouse Capital Partners, which previously held the shares, is retaining a significant minority stake.
CVC Capital Partners said it sees Autobar as “an exciting platform for growth” within the European vending industry over the next five years.
Growth ambitions
It expects to achieve its ambitions by increasing sales from existing machines and through the deployment of new machines and acquisitions.
Rob Lucas, Managing Partner at CVC, said: “Autobar provides core services to around 100,000 clients in 11 countries in Europe. We have been impressed with the track record of growth in this business.”
Lucas said his team looks forward to working with Autobar CEO Andrew Bristow to further build the business. Bristow, himself, said: “There are a significant number of growth opportunities for Autobar in the market today, and CVC and Charterhouse are excellent partners with whom to pursue these opportunities over the years ahead”.
Stuart Simpson, partner at Charterhouse, added: “We have had a great six years with Autobar, working to create Europe’s number one vending player by profits.
“We are pleased that CVC has seen the potential of the business and we look forward to staying involved as a minority shareholder in the business”.