Wed, 13 Mar 2019 | BUSINESS SALE
Prestige Fleet Servicing, a class-leading technology-led company which provides service, maintenance and repair services (SMR) to fleet and leasing companies, was sold to AA plc for a cash/debt-free value of £8.7 million.
The company’s last filed accounts to 31st March 2018 under the small companies regime showed net assets of £240,000. The current turnover and profits are not published. It seems the AA were more interested in the proprietary IP and technology of the firm.
Prestige has been providing service, maintenance and repair [SMR] facilities to the private motorist since 2005 and to fleets since 2007. It now undertakes over 120,000 SMR interventions a year. The firm is based in Melton Mowbray and will continue to be run by the existing management team. Smith Cooper Corporate Finance advised on the deal.
The Prestige business and its management team were targeted by the AA which described the acquisition as being “in line with our strategy to differentiate the AA through innovation and digital platforms” and as providing a “strong and profitable platform to strengthen its presence in SMR, working with fleet and leasing companies, and supporting OEM partners”.
Prestige's services are delivered via a network of some 400 independent garages with agreed labour rates.
The process is substantially automated through its proprietary software platform, UNITY, which provides real-time interfaces with a number of information sources such as parts suppliers, industry bodies and Government databases.
UNITY allows customers to book their vehicles in directly to service centre availability in the right place with the right technical capabilities. More than 80% of bookings are automated.
Validation of parts costs, labour rate, labour repair times, oil costs and quantity are also automated.
The service will be offered to current AA serviced fleets not using the Prestige network.
AA CEO Simon Breakwell said, ”Putting service, innovation and data at the heart of everything we do is key to our strategy.”
A Freight Forwarding Business specialising in road haulage from the UK to mainland Europe. This business also offers a worldwide Airfreight service as well as the shipment of containers to North America and Australasia.
RELOCATABLE
Provides creative and commercially focused environmental design, planning and development solutions for clients operating across a diverse range of sectors. Adds value to its clients’ projects and delivers bespoke solutions in line with their require...
LEASEHOLD
Provides roofing and cladding services, erects steel framed buildings and installs guttering, as well as providing regular maintenance and servicing. The sale will also include a fabrications company, which solely manufactures bespoke flashings for t...
RELOCATABLE
|
19
|
|
Oct
|
Cazoo acquires Vans365 at around 5x EBITDA | BUSINESS SALE
Car retailer Cazoo has announced the acquisition of online c...
|
19
|
|
Oct
|
EG Group’s £750m Asda forecourts acquisition collapses | BUSINESS NEWS
EG Group has announced that its planned £750 million a...
|
18
|
|
Oct
|
Cardiff office buildings marketed for sale at £5.2m | COMMERCIAL PROPERTY
Office building units located in the Cardiff Gate Business P...
Sign up to receive our acquisition alert emails to get your FREE guide
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources