Private equity firm, Keyhaven Capital Partners, is set to sell its equity stake in the bodyshop chain Steer Automotive Group. Oakley Capital will spend £500m on the shares.
Steer Automotive, which operates under the Apollo, Balgores and Steer brands, has 102 centres across the UK and employs around 2,300 people. In 2023, it was named as one of Britain’s fastest-growing companies in The Sunday Times Hundred.
Steer Automotive Group was ranked 36th, with sales of £164.8m and 97.87 percent growth.
At the time, chief executive Richard Steer said: “This prestigious accolade reflects our commitment to excellence and our remarkable growth trajectory. We extend our deepest gratitude to our insurer partners and vehicle manufacturers for their invaluable support and collaboration, which has played a crucial role in our success.
“We are immensely proud of our dedicated teams whose hard work, passion, and innovation have propelled us to this significant achievement. This recognition motivates us to continue delivering a measurably different customer experience and to set new benchmarks in the industry.”
The company repairs more than 100,000 vehicles a year, helped by several manufacturer accreditations, including Aston Martin, Bentley, Ford, Jaguar Land Rover, Lamborghini, McLaren, Mercedes-Benz, Porsche, Rolls-Royce, Stellantis, Tesla and Volkswagen Group.
Speaking about the deal, which is expected to take place in the second quarter of 2024, Richard Steer said: “Over recent years we have built Steer into the UK’s leading automotive repair business, with major investments in the talent, technology, and systems required to serve the automotive industry as it undergoes huge change.
“Both Chiltern and Keyhaven have been great supporters of our business and have been instrumental in delivering the growth we have achieved to date.
“We are delighted to have now secured a partnership with Oakley Capital to fuel the next phase of our growth. Oakley are a great fit for our business and complement our experience, with a very strong track record helping fast growing businesses through both organic growth and M&A.
“We see potential to further grow our share of the automotive repair market by building a unique sector-leading proposition that’s well positioned to meet the evolving needs of our clients, sustaining our strong focus on customer care and service quality.“
Source: Sky News