Orrick is advising brumbrum, Italy’s leading digital car retailer and subscription platform, on its acquisition by Cazoo, Europe’s leading online car retailer for approximately €80 million.
The consideration payable to brumbrum’s shareholders will comprise a mix of cash and Cazoo shares.
Founded in 2016, brumbrum is based in Milan and has grown to a team of over 180 staff, including at its 40,000 square meter vehicle preparation site in Reggio Emilia, which 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 market-leading 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. The transaction is expected to complete in the coming days.
Cazoo was founded in 2018 by serial entrepreneur Alex Chesterman OBE, is backed by some of the leading technology investors globally, and is publicly traded (NYSE: CZOO). Its current market capitalization is approximately $3.1 billion.
The cross-border Orrick team advising brumbrum includes James Connor, Attilio Mazzilli, Alessandro Vittoria, Angelo Timpanaro, Ginevra Rebecchini, Charles Sheldon, Rachel Conder, David Klass, Bernadette Accili, Luciano Vella, Livia Maria Pedroni, Mario Scofferi, Flavio Notari, Domenico Gioia, Ivan Rotunno and Alice Hsu.