UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
COPART, INC.
-----------------
(Name of Issuer)
Common Stock
-----------------------------
(Title of Class of Securities)
217204106
---------
(CUSIP Number)
Gregory D. Hitchan
Blum Capital Partners, L.P.
909 Montgomery Street, Suite 400
San Francisco, CA 94133
(415) 434-1111
--------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
October 21, 2004
-----------
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to
report the acquisition which is the subject of this Schedule 13D, and is
filing this schedule because of Rule 13d-1(b)(3) or (4), check the following
box [ ].
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities,
and for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).
Page 1 of 12
CUSIP NO. 217204106 SCHEDULE 13D Page 2 of 12
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1. NAME OF REPORTING PERSON BLUM CAPITAL PARTNERS, L.P.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON 94-3205364
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [x]
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3. SEC USE ONLY
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4. SOURCE OF FUNDS* See Item 3 below
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
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6. CITIZENSHIP OR PLACE OF ORGANIZATION California
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7. SOLE VOTING POWER -0-
NUMBER OF -----------------------------------------------------------
SHARES 8. SHARED VOTING POWER 4,657,400**
BENEFICIALLY
OWNED BY EACH -----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
-----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 4,657,400**
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 4,657,400**
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12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 5.2%**
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14. TYPE OF REPORTING PERSON PN, IA
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** See Item 5 below
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP NO. 217204106 SCHEDULE 13D Page 3 of 12
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1. NAME OF REPORTING PERSON RICHARD C. BLUM & ASSOCIATES, INC.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON 94-2967812
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [x]
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3. SEC USE ONLY
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4. SOURCE OF FUNDS* See Item 3 below
------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION California
------------------------------------------------------------------------------
7. SOLE VOTING POWER -0-
NUMBER OF -----------------------------------------------------------
SHARES 8. SHARED VOTING POWER 4,657,400**
BENEFICIALLY
OWNED BY EACH -----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
-----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 4,657,400**
------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 4,657,400**
------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 5.2%**
------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON CO
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** See Item 5 below
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP NO. 217204106 SCHEDULE 13D Page 4 of 12
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1. NAME OF REPORTING PERSON BLUM STRATEGIC GP II, L.L.C.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON 94-3395150
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [x]
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3. SEC USE ONLY
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4. SOURCE OF FUNDS* See Item 3
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
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6. CITIZENSHIP OR PLACE OF ORGANIZATION Delaware
-----------------------------------------------------------------------------
7. SOLE VOTING POWER -0-
NUMBER OF ----------------------------------------------------------
SHARES 8. SHARED VOTING POWER 4,657,400**
BENEFICIALLY
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 4,657,400**
-----------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 4,657,400**
-----------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 5.2%**
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14. TYPE OF REPORTING PERSON OO (Limited Liability Company)
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** See Item 5
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP NO. 217204106 SCHEDULE 13D Page 5 of 12
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1. NAME OF REPORTING PERSON RICHARD C. BLUM
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [x]
------------------------------------------------------------------------------
3. SEC USE ONLY
------------------------------------------------------------------------------
4. SOURCE OF FUNDS* See Item 3 below
------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION U.S.A.
------------------------------------------------------------------------------
7. SOLE VOTING POWER -0-
NUMBER OF -----------------------------------------------------------
SHARES 8. SHARED VOTING POWER 4,657,400**
BENEFICIALLY
OWNED BY EACH -----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
-----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 4,657,400**
------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 4,657,400**
------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 5.2%**
------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON IN
------------------------------------------------------------------------------
** See Item 5 below
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP NO. 217204106 SCHEDULE 13D Page 6 of 12
Item 1. Security and Issuer
----------------------------
This Schedule 13D relates to shares of common stock (the "Common Stock") of
Copart, Inc., a California corporation (the "Issuer"). The principal
executive office and mailing address of the Issuer is 4665 Business Center
Drive, Fairfield, California 94534.
Item 2. Identity and Background
--------------------------------
This Schedule 13D is being filed by Blum Capital Partners, L.P., a California
limited partnership, ("Blum L.P."); Richard C. Blum & Associates, Inc., a
California corporation ("RCBA Inc."); Blum Strategic GP II, L.L.C., a Delaware
limited liability company ("Blum GP II"); and Richard C. Blum, the Chairman
and a substantial shareholder of RCBA Inc. and a managing member of Blum GP II
(collectively, the "Reporting Persons").
Blum L.P. is a California limited partnership whose principal business is
acting as general partner for investment partnerships and providing investment
advisory services. Blum L.P. is an investment advisor registered with the
Securities and Exchange Commission. The sole general partner of Blum L.P. is
RCBA Inc.
The principal business office address of Blum L.P. and RCBA Inc. is 909
Montgomery Street, Suite 400, San Francisco, California 94133. The names of
the executive officers and directors of RCBA Inc., their addresses,
citizenship and principal occupations are as follows:
Name and Business Citizenship Principal Occupation
Office Held Address or Employment
-------------------- ----------------------- --------- --------------------
Richard C. Blum 909 Montgomery St. USA President & Chairman,
President, Suite 400 Blum L.P.
Chairman & Director San Francisco, CA 94133
Nils Colin Lind 909 Montgomery St. Norway Managing Partner,
Managing Partner Suite 400 Blum L.P.
& Director San Francisco, CA 94133
John C. Walker 909 Montgomery St. USA Partner,
Partner Suite 400 Blum L.P.
San Francisco, CA 94133
Jose S. Medeiros 909 Montgomery St. Brazil Partner,
Partner Suite 400 Blum L.P.
San Francisco, CA 94133
John H. Park 909 Montgomery St. USA Partner,
Partner Suite 400 Blum L.P.
San Francisco, CA 94133
CUSIP NO. 217204106 SCHEDULE 13D Page 7 of 12
Name and Business Citizen- Principal Occupation
Office Held Address ship or Employment
-------------------- ----------------------- --------- -------------------
Gregory L. Jackson 909 Montgomery St. USA Partner,
Partner Suite 400 Blum L.P.
San Francisco, CA 94133
Jeffrey A. Cozad 909 Montgomery St. USA Partner,
Partner Suite 400 Blum L.P.
San Francisco, CA 94133
Marc T. Scholvinck 909 Montgomery St. USA Partner & Chief
Partner, Chief Suite 400 Financial Officer,
Financial Officer, San Francisco, CA 94133 Blum L.P.
Assistant Secretary
& Director
Gregory D. Hitchan 909 Montgomery St. USA General Counsel
General Counsel Suite 400 & Secretary,
& Secretary San Francisco, CA 94133 Blum L.P.
Blum GP II is a Delaware limited liability company whose principal business is
acting as the sole general partner of Blum Strategic Partners II, L.P. ("Blum
Strategic II") and also as managing limited partner of Blum Strategic Partners
II GmbH & Co. KG ("Blum Strategic KG").
The principal business office address of Blum GP II is 909 Montgomery Street,
Suite 400, San Francisco, CA 94133. The names of the managing members and
members of Blum GP II, their addresses, citizenship and principal occupations
are as follows:
Name and Business Citizen- Principal Occupation
Office Held Address ship or Employment
-------------------- ----------------------- --------- -------------------
Richard C. Blum 909 Montgomery St. USA President & Chairman,
Managing Member Suite 400 Blum L.P.
San Francisco, CA 94133
Nils Colin Lind 909 Montgomery St. Norway Managing Partner,
Managing Member Suite 400 Blum L.P.
San Francisco, CA 94133
John C. Walker 909 Montgomery St. USA Partner,
Managing Member Suite 400 Blum L.P.
San Francisco, CA 94133
Jose S. Medeiros 909 Montgomery St. Brazil Partner,
Managing Member Suite 400 Blum L.P.
San Francisco, CA 94133
John H. Park 909 Montgomery St. USA Partner,
Managing Member Suite 400 Blum L.P.
San Francisco, CA 94133
Gregory L. Jackson 909 Montgomery St. USA Partner,
Managing Member Suite 400 Blum L.P.
San Francisco, CA 94133
CUSIP NO. 217204106 SCHEDULE 13D Page 8 of 12
Name and Business Citizen- Principal Occupation
Office Held Address ship or Employment
-------------------- ----------------------- --------- -------------------
Jeffrey A. Cozad 909 Montgomery St. USA Partner,
Managing Member Suite 400 Blum L.P.
San Francisco, CA 94133
Marc T. Scholvinck 909 Montgomery St. USA Partner & Chief
Managing Member Suite 400 Financial Officer,
San Francisco, CA 94133 Blum L.P.
Gregory D. Hitchan 909 Montgomery St. USA General Counsel
Member and Suite 400 & Secretary,
General Counsel San Francisco, CA 94133 Blum L.P.
To the best knowledge of the Reporting Persons, none of the entities or
persons identified in this Item 2 has, during the past five years, been
convicted of any criminal proceeding (excluding traffic violations or similar
misdemeanors), nor been a party to a civil proceeding of a judicial or
administrative body of competent jurisdiction and as a result of such
proceeding was or is subject to a judgment, decree or final order enjoining
future violations of, or prohibiting or mandating activities subject to,
federal or state securities laws or finding any violation with respect to such
laws.
Item 3. Source and Amount of Funds or Other Consideration
----------------------------------------------------------
The source of funds for the purchases of securities was the working capital of
Blum L.P.'s limited partnerships and investment advisory clients and each of
the partnerships for which Blum GP II serves as the sole general partner and
managing limited partner.
Item 4. Purpose of Transaction
-------------------------------
The purpose of the acquisition of the Common Stock is for investment, and the
acquisitions of the Common Stock were made in the ordinary course of business
and were not made for the purpose of acquiring control of the Issuer.
Although no Reporting Person has any specific plan or proposal to acquire or
dispose of the Common Stock, consistent with its investment purpose, each
Reporting Person at any time and from time to time may acquire additional
Common Stock or dispose of any or all of its Common Stock depending upon an
ongoing evaluation of the investment in the Common Stock, prevailing market
conditions, other investment opportunities, liquidity requirements of the
Reporting Persons and/or other investment considerations.
Also, consistent with the investment purpose, the Reporting Persons may engage
in communications with one or more shareholders of the Issuer, one or more
officers of the Issuer and/or one or more members of the board of directors of
the Issuer and/or one or more representatives of the Issuer regarding the
Issuer, including but not limited to its operations. The Reporting Persons
may discuss ideas that, if effected may result in any of the following: the
acquisition by persons of additional Common Stock of the Issuer, an
CUSIP NO. 217204106 SCHEDULE 13D Page 9 of 12
extraordinary corporate transaction involving the Issuer, and/or changes in
the board of directors or management of the Issuer.
Except to the extent the foregoing may be deemed a plan or proposal, none of
the Reporting Persons has any plans or proposals which relate to, or could
result in, any of the matters referred to in paragraphs (a) through (j),
inclusive, of the instructions to Item 4 of Schedule 13D. The Reporting
Persons may, at any time and from time to time, review or reconsider their
position and/or change their purpose and/or formulate plans or proposals with
respect thereto.
Item 5. Interest in Securities of the Issuer
---------------------------------------------
(a),(b) According to the Issuer's most recent Form 10-K, there were 90,084,336
shares of Common Stock issued and outstanding as of October 12, 2004. Based
on such information, after taking into account the transactions described in
Item 5(c) below, the Reporting Persons report beneficial ownership of the
following shares of Common Stock: (i) 2,095,900 shares of Common Stock held
by Blum L.P. and RCBA Inc. on behalf of the limited partnerships for which
Blum L.P. serves as the general partner, or on behalf of an entity for which
Blum L.P. serves as investment advisor, which represents 2.3% of the
outstanding shares of the Common Stock; (ii) 2,451,900 shares of the Common
Stock held by Blum GP II on behalf of the limited partnership for which it
serves as the general partner and on behalf of the limited partnership for
which it serves as the managing limited partner, which represents 2.7% of the
outstanding shares of the Common Stock; and (iii) 54,800 shares of the Common
Stock that are legally owned by The Nuclear Decommissioning Trust of Dominion
Nuclear Connecticut, Inc. ("Dominion Connecticut") and 54,800 shares of the
Common Stock that are legally owned by Virginia Electric and Power Company
Qualified Nuclear Decommissioning Trust ("Virginia Electric")(collectively,
the "Investment Advisory Clients"), with respect to which Blum L.P. has voting
and investment power. Each Investment Advisory Client has entered into an
investment management agreement with Blum L.P., but neither Investment
Advisory Client has any contract, arrangement or understanding with the other
Investment Advisory Client, or any other Reporting Person, with respect to the
acquisition, ownership, disposition or voting of any shares of the Common
Stock. Each Investment Advisory Client disclaims membership in a group with
any Reporting Person or with the other Investment Advisory Client, and each
disclaims beneficial ownership of any shares beneficially owned by the
Reporting Persons other than for their own account.
Voting and investment power concerning the above shares are held solely by
Blum L.P. and Blum GP II. The Reporting Persons therefore may be deemed to be
members in a group, in which case the group would be deemed to have beneficial
ownership of an aggregate of 4,657,400 shares of the Common Stock, which is
5.2% of the outstanding Common Stock. As the sole general partner of Blum
L.P., RCBA Inc. is deemed the beneficial owner of the securities over which
Blum L.P. has voting and investment power. As Chairman, director and a
substantial shareholder of RCBA Inc., Richard C. Blum might be deemed to be
the beneficial owner of the securities beneficially owned by RCBA Inc.
Additionally, Mr. Blum may be deemed to be the beneficial owner of the
securities over which Blum GP II has voting and investment power.
Although Mr. Blum is joining in this Schedule as a Reporting Person, the
filing of this Schedule shall not be construed as an admission that he, or any
CUSIP NO. 217204106 SCHEDULE 13D Page 10 of 12
of the other shareholders, directors or executive officers of RCBA Inc.,
managing members and members of Blum GP II, is, for any purpose, the
beneficial owner of any of the securities that are beneficially owned by
RCBA Inc. or Blum GP II.
c) During the last 60 days, the Reporting Persons purchased the following
shares of Common Stock in the open market:
Entity Trade Date Shares Price/Share
------ ---------- ------ ------------
Investment partnerships for 09-21-04 15,400 18.2652
which Blum L.P. serves as the 09-22-04 24,300 18.8718
General Partner and on behalf 09-23-04 171,900 18.8102
of an entity for which Blum L.P. 09-24-04 102,500 18.8719
serves as investment advisor. 09-27-04 189,300 18.7741
09-28-04 189,300 18.5566
09-29-04 189,300 18.6623
09-30-04 154,300 18.6895
10-01-04 23,600 18.8800
10-05-04 473,200 19.2260
10-06-04 384,800 19.2147
10-07-04 129,000 19.2099
10-11-04 34,000 18.7234
10-14-04 15,000 18.2275
Entity Trade Date Shares Price/Share
------ ---------- ------- ----------
The limited partnerships for 09-21-04 16,300 18.2652
which Blum GP II serves as the 09-22-04 25,800 18.8718
General Partner and the managing 09-23-04 181,800 18.8102
limited partner. 09-24-04 108,700 18.8719
09-27-04 200,100 18.7741
09-28-04 200,100 18.5566
09-29-04 200,100 18.6623
09-30-04 163,100 18.6895
10-08-04 363,000 19.0190
10-11-04 350,500 18.7234
10-14-04 335,000 18.2275
10-15-04 52,400 18.5006
10-20-04 1,100 18.3400
10-21-04 109,900 18.3399
10-22-04 139,000 18.3400
10-25-04 5,000 18.3400
CUSIP NO. 217204106 SCHEDULE 13D Page 11 of 12
Entity Trade Date Shares Price/Share
------ ---------- ------ ------------
The Investment Advisory 09-21-04 800 18.2652
Clients for which Blum L.P. 09-22-04 1,400 18.8718
serves as investment advisor. 09-23-04 9,800 18.8102
09-24-04 5,800 18.8719
09-27-04 10,600 18.7741
09-28-04 10,600 18.5566
09-29-04 10,600 18.6623
09-30-04 8,600 18.6895
10-01-04 1,400 18.8800
10-05-04 26,800 19.2260
10-06-04 15,200 19.2147
10-07-04 8,000 19.2099
(d) and (e) Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect
to Securities of the Issuer
-----------------------------------------------------------------------------
None of the Reporting Persons or, to the best knowledge of the Reporting
Persons, the other persons named in Item 2, is a party to any contract,
arrangement, understanding or relationship with respect to any securities of
the Issuer, including but not limited to the transfer or voting of any
securities of the Issuer, finder's fees, joint ventures, loan or option
arrangements, puts or calls, guarantees of profits, division of profits or
loss, or the giving or withholding of proxies, except (i) as previously
disclosed, or (ii) as noted above, Blum L.P. has voting and investment power
of the shares held by it for the benefit of The Investment Advisory Clients.
Item 7. Material to be Filed as Exhibits
-----------------------------------------
Exhibit A Joint Filing Undertaking.
CUSIP NO. 217204106 SCHEDULE 13D Page 12 of 12
SIGNATURES
After reasonable inquiry and to the best of our knowledge and belief, the
undersigned certify that the information set forth in this statement is true,
complete and correct.
Dated: November 1, 2004
RICHARD C. BLUM & ASSOCIATES, INC. BLUM CAPITAL PARTNERS, L.P.
By: Richard C. Blum & Associates, Inc.
its general partner
By: /s/ Gregory D. Hitchan By: /s/ Gregory D. Hitchan
------------------------------- -----------------------------------
Gregory D. Hitchan Gregory D. Hitchan
General Counsel and Secretary General Counsel and Secretary
BLUM STRATEGIC GP II, L.L.C. RICHARD C. BLUM
By: /s/ Gregory D. Hitchan By: /s/ Gregory D. Hitchan
------------------------------- ------------------------------------
Gregory D. Hitchan Gregory D. Hitchan, Attorney-in-Fact
General Counsel
CUSIP NO. 217204106 SCHEDULE 13D Page 1 of 1
Exhibit A
JOINT FILING UNDERTAKING
The undersigned, being duly authorized thereunto, hereby execute this
agreement as an exhibit to this Schedule 13D to evidence the agreement of the
below-named parties, in accordance with the rules promulgated pursuant to the
Securities Exchange Act of 1934, to file this Schedule jointly on behalf of
each such party.
Dated: November 1, 2004
RICHARD C. BLUM & ASSOCIATES, INC. BLUM CAPITAL PARTNERS, L.P.
By: Richard C. Blum & Associates, Inc.
its general partner
By: /s/ Gregory D. Hitchan By: /s/ Gregory D. Hitchan
------------------------------- -----------------------------------
Gregory D. Hitchan Gregory D. Hitchan
General Counsel and Secretary General Counsel and Secretary
BLUM STRATEGIC GP II, L.L.C. RICHARD C. BLUM
By: /s/ Gregory D. Hitchan By: /s/ Gregory D. Hitchan
------------------------------- -------------------------------------
Gregory D. Hitchan Gregory D. Hitchan, Attorney-in-Fact
General Counsel