Cazoo To Acquire brumbrum, for €80M

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Cazoo NYSE: CZOO) is an online car retailer. It plans to acquire brumbrum an Italian digital car retailer.

The deal, which was funded by cash and shares in Cazoo, totaled EUR80m. It is expected to close in the next few days. The deal aims to speed up Cazoo’s launch in Italy in 2022.

Francesco Banfi is the CEO of brumbrum, an online car retailer and subscription player. The company was founded in 2016 with a large selection of cars available 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 meter vehicle preparation site in Reggio Emilia, which has the capacity to refurbish over 15,000 cars annually. It offers hundreds of vehicles to purchase, finance, or subscribe for delivery in Italy.

Cazoo was founded in 2018 by Alex Chesterman, a British entrepreneur. It is an online car-buying company that was listed on the NYSE last year. Cazoo already has over 3,800 employees across the UK, France and Germany. Cazoo has sold more than 50,000 cars online in the two years since its launch. It was launched in the UK in 2019 and then launched in France and Germany in December 2018.

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