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AAA Auto founder Denny intends to sell his majority stake

AAA Auto founder Denny intends to sell his majority stake

28.8.2012 9:03
Autor: Redakce, Patria.cz

Anthony James Denny, who currently owns approx. 77% of the Dutch based company AAA Auto Group N.V., whose shares are listed on the stock exchanges in Prague and Budapest, has informed that he intends to sell a controlling majority stake and wants to keep only a minority stake in the company. The decision comes after A. J. Denny's announcement earlier this year about his retirement from the position of CEO and his recommendation to hand over the position of CEO to Karolína Topolová. Denny intends to sell his controlling majority stake in the company he built after twenty years. "The process is expected to take approximately one to two years," Denny said.  

Denny intends to sell up to 73.79 % of shares of AAA Auto Group N.V., which he holds through the Luxembourg based AUTOMOTIVE INDUSTRIES S.a.r.l. The exact volume of shares to be sold has not been decided yet and will result from business negotiations. Denny may still keep a minority stake held by AUTOMOTIVE INDUSTRIES S.a.r.l., as well as 3.77 % of AAA Auto Group N.V. shares, which he holds directly. The rest of 22.44 % of shares is owned by private investors with some part held also by company employees and managers. PricewaterhouseCoopers and Patria Corporate Finance will jointly act as sell-side advisors in the intended transaction process.  

Denny already mentioned earlier this year that after two decades in business he is planning to restrict his activities. "I was considering my “entrepreneurship retirement” now for some time. I devoted 20 years of my life to company building. I carried AAA AUTO quite successfully through the economic crisis and led the company back to a very solid profitability," said Denny, who led the company since it was established in 1992.  

Over the past 20 years, AAA AUTO grew in the largest used car dealer in the Central and Eastern Europe with almost 45,000 cars sold in 2011 and a turnover of EUR 276 million. The Company currently has 17 branches in the Czech Republic, 9 in Slovakia and 1 in Russia, with one more planned to be opened in both Czech Republic and Slovakia this fall and several others in 2013.

(Source: AAA Auto Group)

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