EUROPEAN venture capital firm CVC Capital Partners has assured fleets that 'maintaining a quality service' is its key aim as it gears up to buy Kwik-Fit from Ford in the fourth quarter of 2002.

The firm announced its intention to buy the fast-fit giant, including its fleet operations, for £330 million on Monday. Under the deal, Ford will retain a 19% share in the firm 'to share in its future growth'.

Lex Service chairman Sir Trevor Chinn, who steps down from Lex at the end of this year, will become chairman of a new company created to oversee the fast-fit operation. A chief executive for the venture has been recruited, but will not be announced until a later date.

Sir Trevor said: 'Kwik-Fit is a strong brand with extensive coverage in its key markets of the UK and continental Europe. As an independent company, our purpose above all will be to continue to deliver and further develop the value for money services, and customer satisfaction upon which Kwik-Fit has built its established market reputation.

'It has a huge fleet business base and we will be focused on maintaining the quality of service.'

Ron Bambra, group managing director of Kwik-Fit Fleet, said: 'We are happy we can now move forward in a positive way, and I am happy to see Sir Trevor as chairman. He knows the motor and fleet industry well.'

CVC Capital Partners has announced a string of business purchases in the past year and at the start of this month acquired the Halfords car parts and bicycle chain from High Street retailer Boots for £427 million.

Kwik-Fit trades across Europe with key operations in the UK, Netherlands, France and Germany. In addition to the Kwik-Fit brand, the company operates under a number of other names including Speedy and Pit-Stop in Europe.

It has 1,976 fixed retail outlets and 568 mobile units across Europe and employs 11,000 people, which generated turnover of £762 million in the year to December 2001.