The Business:
AW Repair Group (founded in 1998 by Andrew Walsh) operates a group of specialist accident repair centres. From its 12 operational sites spread across South Yorkshire and the East Midlands, the business delivers a mix of vehicle accident repair services to its established and growing base of customers in the insurance and manufacturer sector. As one of the leading accident repair groups in the UK, AW Repair Group has been known as an progressive forerunner in the industry, won multiple awards for its quality of work, outstanding customer service and adoption of new standards. Through significant investment in advanced technology and training, it quickly gained the ability to repair electric and hybrid vehicles and has dedicated Tesla repair facilities and was the first UK bodyshop to achieve carbon neutrality.
The Transaction:
Chiltern Capital backed Steer Automotive Group, a fast-growing accident repair business, acquired 100% of the shareholding of AW Repair Group. This transaction fits well into the acquisitive growth of the group, which now has a combined 55 sites and capability to repair 85,000 vehicles per annum.
Legal advice was provided to the sellers by Orbit Legal. The buyer was advised by HCR (legals) and RSM (financial due diligence).
Richard Steer, chief executive at Steer Group said in a statement: ““Our strategic focus remains on successfully operated and established regional businesses which grow our reach and further increases our repair capacity.
I would personally like to thank Andrew and Emma Walsh for entrusting us with the next chapter in the history of their excellent organisation. We are genuinely delighted to welcome the AW team to the Steer family.”
I started the business at the age of 24 and to negotiate its sale was at times emotive, frustrating and also exciting. Martin, Tom and Doug were always calm, diligent and consistent in their approach and any alternative proposals were always explored. They had a really good understanding off all the intricacies and worked extremely well with our legal advisors.
How we have helped:
The Steer Group wished to acquire 100% of AW Repair Group’s shareholdings. The Azets Midlands Corporate Finance team supported the sellers in all aspects of the transaction including the negotiation of the key financial and commercial terms of the deal, ensuring that value was attributed to the recent investment in new sites and technology to support a period of significant growth. In addition, we provided extensive support through the due diligence and legal process to ensure that a well-timed and executed completion was delivered.
The corporate finance team was supported by the Azets audit and tax teams in providing an excellent level of client service.
Azets comment:
Martin Poole (Partner) commented,
“It was a pleasure working with Andrew and Emma, long-standing clients of the firm. Through their hard work, they have grown a business from scratch into one that is at the forefront of the industry. Their commitment and determination through the transaction process has been second to none and they thoroughly deserve the value that they have achieved for all of their efforts.
I have no doubt that the legacy and dedication shown by AW Repair Group’s Founder and CEO Andrew and Finance and Legal Director Emma will enable the business to flourish under new ownership.”
