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French company Aramis Group, a European leader in selling used cars online, has announced its entry into the UK market with the purchase of a majority stake in pioneering used car platform Motor Depot Ltd.
The deal, which includes the online brands CarSupermarket.com and MotorDepot.co.uk, will also see Aramis take control of 12 customer centres across the UK.
Guillaume Paoli, co-founder and co-CEO of Aramis Group said it was the right time to enter the UK market: “This transaction is the first of its kind we’ve made in the UK and represents an exciting new chapter for Aramis Group. The UK is the second-largest used car market in Europe and we’re confident this investment is key to accelerating our expansion strategy.
“With nearly 7 million used cars sold in 2020, the UK used-car market shows no sign of slowing down. This acquisition will allow us to exceed our one-billion-euro revenue milestone and become the preferred online platform to buy a used car in Europe.”
The purchase of Motor Depot Ltd is part of a larger acquisition strategy which saw the purchase of Clicars in Spain in 2017 and Cardoen in Belgium in 2018. Stellantis, the carmaker created by the merger of France’s Groupe PSA and Italian American group Fiat Chrysler, has held a controlling interest in Aramis Group since 2016.
Aramis Group were supported in the negotiation and delivery of this strategic acquisition by leading North East law firm Muckle LLP. The driving force behind the legal elements were partners Matthew Walsh, Mike Spetch and Gail Bennett who delivered the deal to a tight timescale, liaising with multiple parties at the height of lockdown.
Matthew Walsh, corporate partner at Muckle, said: “This deal is great news for the North, representing a significant investment by a dynamic and disruptive company which has the backing of one of the largest carmakers in the world. It brings together two established businesses with many years’ experience in the used-car sector, giving Aramis Group the opportunity to realise their growth plans and further improve the customer experience they deliver.”
This month Aramis Group launched its initial public offering on Euronext Paris, with the objective of supporting its development and accelerating its growth across Europe.