PAI sells Kwik Fit to Japanese conglomerate Itochu
French private equity firm PAI Partners has completed the sale of UK auto parts dealer Kwik Fit to Japanese trading conglomerate Itochu for £637million ($1 billion), which includes the acquisition of £457 million ($733 million) in debt.
PAI acquired Kwik Fit for £800 million ($1.2 billion) in 2005 after the Edinburgh-headquartered company's core business – tire and auto-exhaust sales – ran into trouble. The private equity firm...
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