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Travers Smith advises Marshall of Cambridge on its sale of 66.4% of Marshall Motor Holdings plc


Travers Smith LLP has advised Marshall of Cambridge (Holdings) Limited ("Marshall of Cambridge") on its £201.6 million sale of approximately 66.4% of the issued share capital of AIM-listed Marshall Motor Holdings plc ("Marshall Motor Group") to CAG Vega 2 Limited, a subsidiary of Constellation Automotive Holdings Limited. The sale has been agreed under the £322.9 million takeover offer by CAG Vega 2 Limited.

Travers Smith previously advised Marshall of Cambridge on the AIM IPO of Marshall Motor Group in April 2015.

Completion of the offer is conditional on approval of the change of control of the Marshall Motor Group's regulated businesses by the Financial Conduct Authority.

Marshall Motor Group is the 5th largest motor dealer group in the UK, pro forma for the acquisition of Motorline, operating 164 franchise dealerships representing 27 different brand partners in 37 different counties across England and Wales.

Constellation is the largest vertically integrated digital used car marketplace in Europe. The business currently comprises three brands: WeBuyAnyCar, BCA (British Car Auctions) and Cinch. The business is over 70 years old, established in 1946 as Southern Counties Car Auction.

The Travers Smith team was led by Corporate M&A Director Neal Watson, alongside Associate Fabian McNeilly.

Neal Watson commented: "We are delighted to have advised Marshall of Cambridge, alongside Smith Square Partners, on a significant strategic transaction which achieved the desired result for the client in finding a new home for an important legacy business."

Smith Square Partners LLP acted as financial advisers to Marshall of Cambridge on the transaction.

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