Tue, 16 Jan 2024 | BUSINESS NEWS
Steer Automotive Group, an independent collision repair group with more than 100 sites, is planning to continue its M&A activity after Oakley Capital reached a conditional agreement to invest in the company.
Steer Automotive Group was founded by Richard Steer in 2018 and, since then, has made 18 acquisitions. The company’s growth has seen it expand significantly and the group now employs over 2,300 staff, repairing more than 115,000 vehicles per year. The company operates through its core passenger car and prestige repair centres, luxury brand centres and commercial vehicle sites.
The investment from Oakley Capital will facilitate the next stage of its growth strategy, strengthening the company’s investment in its facilities, EV repair capability and development and training through its Steer Academy programme. The deal also sees Oakley acquire shares in the company held by Keyhaven Capital Partners and Chiltern Capital.
Richard Steer commented: "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.”
"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."
Oakley Capital founder and managing partner Peter Dubens said: "Our strategy has always been to invest behind exceptional founders with a clear strategic vision.”
"We have been impressed by Richard and his team, and the way they have built Steer to serve the changing needs of the UK automotive industry. We look forward to working with the company as they deliver on their ambitious growth plans to scale Steer Group into a key service provider for this large, dynamic market."
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