Europe's Kwik-Fit chain to be sold

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CVC Capital Partners has announced its intention to sell European tire and service chain Kwik-Fit Group Ltd. to Speedy 1 Ltd.

Kwik-Fit has 1,685 locations throughout the United Kingdom, France, Germany and the Netherlands. It also operates 215 mobile units.

CVC acquired Kwik-Fit, which was founded in 1971, three years ago. The chain "is now delivering substantially improved financial performance," says CVC Partner Rob Lucas.

Speedy 1 representative Hamish Mackenzie says Kwik-Fit "has exceptional brand recognition in its key markets and benefits from significant growth as a market leader."

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