Cazoo completes Italian job
Cazoo has announced that it has agreed to acquire brumbrum, Italy’s leading digital car retailer and subscription platform for €80m in a mix of cash and shares.
Following its recent launches in France and Germany and its acquisitions in Spain and Italy, Cazoo will now have a strong presence across each of the five largest European markets for used cars.
Founded in 2016, brumbrum is based in Milan and has grown to a team of over 180 staff and 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.
The transaction will combine Cazoo’s brand, platform and funding with brumbrum’s strong team, local market expertise and commercial relationships across Italy and, once integrated, will accelerate the launch of Cazoo’s full proposition throughout Italy by the middle of this year.
Alex Chesterman OBE, founder and CEO of Cazoo said: “brumbrum is the leading online car retailer and car subscriptifon player in Italy and has built a great team, culture and business and much like Cazoo in the UK, it has been pioneering the shift to online car buying in Italy. We are expanding into key European markets at a faster pace than anticipated and this acquisition will accelerate our launch plans in Italy so that we can deliver better selection, value, quality and convenience to consumers when buying or subscribing to their next car in Italy. I look forward to welcoming the brumbrum team to Cazoo and working with them to deliver the best car buying experience to Italian consumers.”
