Copart Subsidiary Acquiring UK Company
Published April 10th, 2007
Copart Inc. has announced that its Copart UK subsidiary has reached agreement with the board of Universal Salvage Plc to acquire Universal Salvage.
Under the offer, Copart, through Copart UK, is offering around $112.8 million, excluding cash in connection with outstanding options and a warrant, currently estimated to total about $9.1 million. Copart will also assume outstanding indebtedness of Universal totaling about $4.4 million.
Universal manages the collection and disposal of vehicles in the United Kingdom. In addition to selling some vehicles at auction, the company processes the remaining vehicles for recycling purposes through its authorized facilities. Universal operates seven facilities located in the UK.
Copart processes and sells salvage vehicles through a virtual auction-style trading platform, principally to licensed dismantlers, rebuilders and used vehicle dealers. The company operates 124 facilities in North America. Additionally, it provides services in other locations through its national network of independent salvage vehicle processors.
