Cazoo (NYSE: CZOO), an online car retailer, is to acquire brumbrum, an Italian digital car retailer and subscription platform.
The deal, which amounted to €80m in a mix of cash & Cazoo shares, is expected to complete in the coming days. It aims to accelerate Cazoo’s planned launch across Italy in 2022.
Founded in 2016 by Francesco Banfi, CEO, brumbrum is an online used car retail & subscription player offering a wide selection of cars for purchase, finance or subscription. The company has a team of over 180 with management and local market expertise and extensive local supply, finance, commercial and logistics relationships.
brumbrum is based in Milan and operates a 40,000 square metre vehicle preparation site in Reggio Emilia, which has the capacity to refurbish over 15,000 cars annually. The business offers hundreds of vehicles for sale, finance or subscription for delivery across Italy.
Founded in 2018 by British entrepreneur Alex Chesterman, Cazoo is an online car buying company listed on the NYSE last year with already a team of over 3,800 across the UK, France, Germany, Spain and Portugal. Cazoo has sold over 50,000 cars online since its launch just over two years ago. It launched in 2019 in the UK and more recently launched in France and Germany last December.
FinSMEs
26/01/2022