CVC to sell Kwik-Fit to PAI unit for 800 mln stg

Newswire

LONDON, June 24 (Reuters) - British private equity group CVC said on Friday it intended to sell its Kwik-Fit tyre and auto-spares operation to a division of European private equity firm PAI partners for 800 million pounds ($1.46 billion). "PAI intends to support the management team to further strengthen Kwik-Fit's leading positions in the fast-fit European market," PAI partner Hamish Mackenzie said in a statement. PAI's Speedy 1 division is the buyer of Kwik-Fit.

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