London--AFX and the Financial Times are reporting that Kwik-Fit, the UK-based tyre retail chain has been sold to French private equity group, PAI. Bridgestone Corp. was reported to be close to winning the deal from CVC capital partners, but it appears that the Japanese giant's bid was not succesful.
The price was Â£800 million. CVC bought Kwik-Fit from Ford three years ago, paying Â£330 million.
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AFX (UK) story
Forbes (UK) story (via AFX
FT (UK) story (may require subscription to FT.com)
Website of PAI Partners