PAI Planning to Sell Kwik-Fit

PAI, the private equity firm that currently owns Kwik-Fit, is reportedly selling the Europe-wide tyre and fast fit chain including the German Pit Stop network. A Continental AG spokesperson told Tyres & Accessories that the company, which has recently been taken over by Schaeffler Group, may consider bidding for the chain but so far has received no such sales offer from PAI. Company representatives said Kwik-Fit does not comment on rumour and speculation.

French private equity house PAI bought Kwik-Fit from another private equity company, CVC Capital Partners, for £800 million in June 2005. The announcement followed months of speculation including suggestions that a Bridgestone/Mitsubishi joint venture came close to sealing the deal.