Economy
Mergers: Commission clears acquisition of Pennine by CDR Osprey Fund
The European Commission has approved, under the EU Merger Regulation, the acquisition by CDR Osprey (Cayman) Partners L.P.(CDR Osprey Fund) of sole control over Pennine Metals B Limited (Pennine), which is the ultimate parent company of We Buy Any Car Limited (WBAC).
CDR Osprey Fund is a private equity fund affiliated with Clayton Dubilier & Rice. CDR Osprey Fund's portfolio companies include BCA remarketing Ltd, a UK limited company offering wholesale used vehicles remarketing services and, more precisely, auction services. WBAC is a UK undertaking active in the wholesale of used vehicles. Particularly, WBAC offers online purchasing services to the general public and then resells on the wholesale market the purchased vehicles.
The Commission concluded that the proposed acquisition would not raise competition concerns. The transaction does not lead to any horizontal overlaps. Furthermore sufficient alternative competitors are active on both vertically affected markets, the market for wholesale of used vehicles and the market for remarketing services. It is therefore unlikely that competitors would be foreclosed on these two markets.
The operation was examined under the normal merger review procedure. More information is available on the Commission's competition website in the public case register under the case number M.6958.
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