Private Equity Firms Weighed Bids for Cary
Owners of the European auto-repair group are seeking a sale that could value the business at over €3 billion.
Updated on Oct. 5, 2026 in Business Strategy
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Private equity firms KKR, Blackstone, and Warburg Pincus are weighing bids for the European windscreen repair business Cary. Current owners CVC Capital Partners and Nordic Capital have enlisted Jefferies to advise on the sale process.
Why it matters
The sale of a large-scale automotive services platform signals ongoing consolidation in the repair sector, as investors seek stable, high-volume service businesses. This transaction highlights how private equity owners are currently rotating out of mature assets after multi-year holding periods.
The potential sale of Cary, which operates brands including National Windscreens and Autoglass Clinic, could command a valuation of €3 billion or more. This figure represents the estimated enterprise value under consideration as bankers solicit interest from prospective buyers.
The players
Cary
A European automotive services firm that provides windscreen repair, vehicle bodywork, and SMART repairs through brands like Autoglass Clinic.
CVC Capital Partners
A global private equity and investment advisory firm with a history of managing large-scale industrial and service-sector portfolios.
Nordic Capital
A private equity firm focused on the Northern European market with an emphasis on healthcare and services-sector growth.
Jefferies
A global investment banking firm that provides capital markets, advisory, and financial services to institutional and corporate clients.
The details
The sale process involves Jefferies coordinating with various banks and private credit providers to secure financing packages for potential acquirers. Cary operates a multi-brand strategy across Europe, performing high-volume windscreen replacements along with vehicle bodywork and SMART repairs in the Nordic regions. CVC and Nordic have been reviewing these strategic options since earlier this year to determine the best exit path for their investment.
Timeline
CVC and Nordic began assessing strategic options for the business earlier this year.
First-round offers for the business are expected to be submitted in the coming weeks.
Market Landscape
This potential sale follows a pattern established by the 2026 private equity exit cycle as firms move to monetize mature automotive service platforms. The move highlights a broader trend of institutional investors cycling capital out of European service-led businesses.
Operators in the auto repair space should monitor this potential sale, as it may lead to changes in supplier partnerships or pricing structures within the windscreen market. Owners should note that the involvement of private credit lenders in the deal could increase competitive pressure on regional repair service margins.
The takeaway
The potential multibillion-euro exit of a major repair platform suggests that scale remains the most critical competitive lever in the automotive services industry. Operators should monitor if this sale triggers further consolidation among smaller, regional repair competitors in the coming year.
Further reading
For more on how firms structure these deals, see our Business Strategy section.
Source note: This article includes information reported by Private Equity Wire.
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