Private equity giant Blackstone, which has been cautious on doing new buyouts in Europe this year amid rising asset prices, has bought French firm Alliance Automotive for around €440 million — a deal that is only its second in the region this year.

Blackstone said in a statement on Monday that it had bought the company, which operates under the Groupauto brands in the UK and France, from Weinberg Capital Partners. Alliance's management has also bought a stake in the firm.