In today’s news, UK based online used car retailer Cazoo announced plans to Become Listed on the NYSE through a $7.0 Billion Business Combination with special purpose acquisition company, or SPAC, AJAX I.
Cazoo is one of Europe’s fastest growing digital businesses, growing 300%+ year-over-year, with expected 2021 revenues approaching $1bn dollars.
Europe’s used car market is a $700bn dollar opportunity with less than 2% of transactions currently online.
Cazoo has an unparalleled user experience with 80+ NPS and market-leading brand awareness.
Founded in mid 2018 by Alex Chesterman, who will continue to lead Cazoo, the business has grown to a team of 1,800+ across UK, Germany, France and Portugal.
The Transaction is expected to provide $1.6 billion dollars in gross proceeds including $805m dollars in cash from AJAX I and an $800m PIPE led by the AJAX sponsors and D1 Capital Partners and joined by new and existing investors including Altimeter, funds & accounts managed by BlackRock, Counterpoint Global and Fidelity Management, Marcho Partners, Mubadala Capital, Pelham Capital, Senator Investment Group and Spruce House Partnership.