Soaring prices for used cars have private equity firm CPE Capital shopping around its stake in luxury car dealer Dutton Group.
The business caters to the ultra prestige part of the market, and vehicles such as a 1997 Ferrari F355 and a 1969 Lamborghini Miura are up for grabs at the moment.
With used car prices across the board soaring almost 50 per cent in a year, it’s hardly surprising the PE firm is in line for a $500 million-plus payday from the exit.
Elsewhere, NobleOak is asking fund managers to pay a hefty multiple for a slice of the life insurer and next-generation trading platform Stake has delivered a blow to OpenMarkets by picking FinClear for its ASX equities product.
Also, Cobram Estate is sounding out institutional investors for an $850 million float, but it’s going to be tough for any of them to get in on the action.
Happy reading,
Sarah Thompson, Anthony Macdonald, Tim Boyd and Yolanda Redrup Street Talk Editors
