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£2.57bn
Recommended £2.57bn cash offer by Cobham Group Limited
August 2021
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c.£300m
c.£300m acquisition of Dennis
August 2021

Cazoo combination with AJAX I

Cazoo successfully completes $7bn combination with AJAX I – advised by Numis

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Car retailer Cazoo worked with Numis, as its Joint Financial Adviser, on its business combination with AJAX I. This transaction creates a new holding company, Cazoo Group Ltd, which has listed on the New York Stock Exchange, under the ticker “CZOO”.

Cazoo has rapidly built a reputation as the leading UK online retailer of used cars – making it as easy to buy a car online as any other product. Hyper growth since Alex Chesterman founded the business in 2018 will see the company expect revenues of c.$1bn in 2021, supported by a launch in Europe.

AJAX I is a special purpose acquisition company, founded by renowned US investor Dan Och, backed by strong and experienced strategic advisors – including Steve Ells, founder of Chipotle, Jim McKelvey, co-founder of Square, Kevin Systrom, co-founder of Instagram and Anne Wojcicki, co-founder of 23andMe.

While Cazoo as a private company was already one of Europe’s fastest growing digital businesses, the deal turbocharges the newly listed Cazoo Group to more effectively access – and transform – the $700bn used car market in Europe.
Cazoo transporter

“We’d like to congratulate the team for its successful transaction and amazing progress since inception. This is a major step for such an exciting growth company – one which enables it to capitalise on huge opportunities in Europe”.

Alex Ham Co-Chief Executive Officer

This is another major milestone Numis has supported Cazoo on, having also supported them on their private placement last year.

This latest piece of financial advisory comes on the back of other high profile M&A transactions where we have advised or are advising. These include Future’s acquisition of Dennis and ATG’s acquisition of LiveAuctioneers. In the public takeover sphere, we have been extremely active, including acting as financial adviser to St Modwen on their recently completed offer by Blackstone, acting as financial adviser to Stock Spirits on the ongoing takeover offer by CVC and to Ultra Electronics on the ongoing takeover offer by Cobham.

The deal team at Numis was led by Garry Levin, Managing Director of Investment Banking, and James Taylor, Head of Investment Banking.

For more information, please contact your Numis representative.

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