Halfords UK Acquired by CVC Capital Partners

LONDON, UK (July 26) - British bicycle & car parts chain Halfords has been acquired by CVC Capital Partners from drugstore chain Boots Company plc. The lump sum is set at GBP 410 million (€ 647 million) in cash and a further GBP 17 million (€ 27 million) upon meeting its sale targets towards end March 2003. CVC becomes owner of a profitable 400 stores chain, of which 330 superstores, 58 downtown and 12 motorway stores. During its first quarter Halfords saw its turnover marginally shrink by 0.2% to GBP 529 million (€ 835 million) with GBP 54 million (€ 85 million) profits. CVC plans to keep the current Halfords UK management aboard. Its management Director Rod Scribbins will be appointed as CEO. "This is a good opportunity for CVC to acquire a strong national retail chain", according CVC MD Jon Feuer. Other retail business of CVC is UHU adhesives in Germany, Formica, car retailers Dutton Forshaw in the USA, Bols booze from The Netherlands and Rémy-Cointreau in France. The venture capitalist and buy-out expert will continue to implement its IBD-like Bikehut bike shop formula in 117 of its 400 Halfords stores in the UK. (FN)