A family-owned vehicle repair network, which employs 64 people across its five sites based around the North East region has been acquired by the UK’s fastest growing specialist repair group in a significant private- equity backed deal. Newcastle advisors played a leading role in securing and negotiating the transaction.
Founded in 1970, Tyne Tees Vehicle Repair Group has grown into one of the largest and most highly respected regional repair specialists in the UK, with reported turnover of £8.3m in its most recent filed accounts.
The Washington-headquartered business has now been given a major boost by becoming part of the Steer Automotive Group, whose continued investment in technology, geographical reach, and people is backed by growth specialists, Chiltern Capital.
TTVRG owner and managing director, Darren Norton, has joined the Steer Automotive team as part of the deal, and will play a key role in the Group’s future strategy to broaden its footprint both inside and outside the North East region.
He said: “This is an exciting moment for our business, as we join an ambitious and progressive group in which all of our existing employees, suppliers and customers can thrive. I am looking forward to continuing to lead and grow TTVRG’s outstanding workforce backed by the expertise and resources of our new colleagues within Steer Automotive”.
Newcastle advisors played a leading role in securing and negotiating the transaction, led by dealmakers Phil Williams and Abu Ali at Williams Ali Corporate Finance. Legal advice was provided by Paul Bell and his team at Short Richardson Forth, with accounting and tax advice from Emma Glover and Beth Ramsden at Peppercorn Tax. Advice to SteerAutomotive was provided by legal advisers Harrison Clark Rickerby and financial due diligence by RSM.
Phil Williams, partner at Williams Ali Corporate Finance, said: “This is a significant deal for the sector on a national level and an outstanding deal for this region, which will see inward investment to support further growth. It has been a real pleasure to work with all involved to achieve this result”.
Steer Automotive chief executive, Richard Steer, commented: “This is another important step in our ongoing growth plans as we continue to deliver our vision for Steer Automotive. From the outset, it has been clear that TTVRG are outstanding operators and will be an excellent addition to our group. The North East is a terrific region in which to do business and we are looking forward to expanding our profile and service offering here with support from Darren and his team
Steer Automotive Group now operates with a turnover of £60m per year from 21 sites across the Midlands, North East and Scotland employing over 400 team members and repairing in excess of 30,000 vehicles per year.”