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Oakley Capital Investments Limited (OCI) is pleased to announce that Oakley Capital Fund V2 has agreed to acquire Steer Automotive Group, a leading UK company. B2B Automotive service platform. His OCI’s indirect contribution through Fund V is expected to be up to £90m (note that the above figures only relate to his OCI’s proportion of Oakley’s overall investment in Stair Automotive Group). be careful).
Founded in 2018 by serial entrepreneur Richard Steer, Steer Automotive has expanded through 18 acquisitions and established a network of more than 100 repair centers. The Group facilitates repairs through its core passenger and luxury car repair centres, luxury brand centers and commercial vehicle locations.
With around 5% of the UK repair market, Steer employs more than 2,300 people and repairs more than 115,000 vehicles a year. In 2023, Steer Automotive Group was ranked 36th in the Sunday Times’ list of the UK’s 100 fastest growing companies and was separately named one of the country’s top 100 job creators by The Independent. The company was recognized and received an award.ESG Received “Excellence Accreditation” for sustainability strategy.
Founder Richard Steer and the current management team will continue to lead the business and reinvest alongside Oakley. As part of the transaction, Oakley will acquire shares held by Keyhaven Capital Partners and Chiltern Capital.
The partnership with Oakley will facilitate Steer Group’s next phase of growth in the fragmented collision repair market and further strengthen investment in facilities, development and training through the Steer Academy program. EV Repair capabilities to meet the demands of newer, more technologically advanced vehicles.
Peter Dubens, Founder and Managing Partner of Oakley Capital, commented:
“Our strategy has always been to support and invest in great founders with a clear strategic vision. We are impressed with the way they have built Steer for their customers and look forward to working with the company as they execute on their ambitious growth plans to grow Steer Group into a leading service provider in this large and dynamic market. .”
Richard Steer, founder of Steer Automotive Group, commented:
“In recent years, we have made significant investments in the people, technology and systems needed to service a rapidly changing automotive industry, building Steer into one of the UK’s leading automotive repair businesses. Chiltern and Keyhaven Both provide strong support to our business and have contributed to the growth we have achieved to date.
We are delighted to have secured a partnership with Oakley Capital to facilitate the next stage of our growth. Oakley is a great fit for our business and complements our experience. We have a very strong track record of supporting fast growing businesses in both ways. organic growth And M&A. We believe we have the potential to further expand our share of the auto repair market by building a unique, industry-leading proposition that meets the evolving needs of our customers, while focusing on customer care and service quality. Masu. ”
OCI: OCI announces investment in Steer Automotive Group
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