TIDMOCI
RNS Number : 7671Z
Oakley Capital Investments Limited
16 January 2024
16 January 2024
Oakley Capital Investments Limited
Oakley Capital Investments Limited(1) ("OCI") is pleased to
announce that Oakley Capital Fund V(2) ("Fund V") has agreed to
acquire Steer Automotive Group, the UK's leading B2B automotive
services platform.
OCI's indirect contribution via Fund V is expected to be up to
GBP90 million.
Note that the above figure only relates to OCI's share of
Oakley's overall investment in Steer Automotive Group.
Further details on the transaction can be found in the below
announcement from Oakley Capital(3.)
Oakley Capital agrees investment in Steer Automotive Group, the
UK's leading B2B automotive services platform
Oakley Capital, the leading pan-European private equity
investor, announces it has reached a conditional agreement to
invest in Steer Automotive Group, the UK's largest and
fastest-growing independent collision repair group.
Founded in 2018 by serial entrepreneur Richard Steer, Steer
Automotive has expanded through 18 acquisitions, establishing a
network of over 100 repair centres. The group facilitates repairs
through its core passenger car and prestige repair centres, luxury
brand centres and commercial vehicle locations.
Representing approximately 5% of the UK repair market, Steer
employs over 2,300 people and repairs more than 115,000 vehicles a
year. In 2023, Steer Automotive Group was ranked 36th in The Sunday
Times's list of 100 fastest-growing businesses in the UK,
separately being recognised by The Independent as one of the top
100 job creators in the country and was awarded 'ESG Excellence
Accreditation' for its sustainability strategy.
Steer is a key partner for the UK's leading vehicle insurers,
accident management companies and OEM dealerships, holding 43
manufacturer accreditations, including recommendation and approval
for major brands such as Porsche, Rolls Royce, Bentley, McLaren,
Lamborghini, Aston Martin, JLR, Tesla, Mercedes Benz, Volkswagen
Group, Stellantis and Ford.
Founder, Richard Steer, and the current management team will
continue to lead the business and are reinvesting alongside Oakley.
As part of the transaction, Oakley will acquire the shares held by
Keyhaven Capital Partners and Chiltern Capital.
Partnering with Oakley will facilitate Steer Group's next stage
of growth within the fragmented collision repair market, further
strengthening its investment in its facilities, development and
training through the Steer Academy programme, and EV repair
capability to meet the demands of newer, more technologically
advanced vehicles.
Oakley Capital Founder and Managing Partner, Peter Dubens
commented:
"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."
Steer Automotive Group Founder, 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. Both Chiltern and Keyhaven have been
great supporters of our business and have been instrumental in
delivering the growth we have achieved to date.
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. We see potential to further grow our
share of the automotive repair market by building a unique
sector-leading proposition that's well positioned to meet the
evolving needs of our clients, sustaining our strong focus on
customer care and service quality."
- ends -
For further information please contact:
Oakley Capital Limited
+44 20 7766 6900
Steven Tredget
Greenbrook Communications Limited
+44 20 7952 2000
Rob White / Michael Russell
Liberum Capital Limited (Financial Adviser & Broker)
+44 20 3100 2000
Chris Clarke / Darren Vickers / Owen Matthews
Notes:
LEI Number: 213800KW6MZUK12CQ815
(1) About Oakley Capital Investments Limited ("OCI")
OCI is a Specialist Fund Segment ("SFS") traded investment
vehicle that aims to provide shareholders with consistent long-term
capital growth in excess of the FTSE All-Share Index by providing
liquid access to private equity returns through investment in the
Oakley Funds.
A video introduction to OCI is available at
https://oakleycapitalinvestments.com/videos/
The contents of the OCI website are not incorporated into, and
do not form part of, this announcement.
(2) The Oakley Funds
Oakley Capital Private Equity L.P. and its successor funds,
Oakley Capital Private Equity II, Oakley Capital Private Equity
III, Oakley Capital IV, Oakley Capital V, Oakley Capital Origin
Fund and Oakley Capital Origin Fund II are unlisted lower-mid to
mid-market private equity funds that aim to provide investors with
significant long-term capital appreciation. The investment strategy
of the Funds is to focus on buy-out opportunities in industries
with the potential for growth, consolidation and performance
improvement. The Oakley family of funds also includes Oakley
PROfounders Fund III and Oakley Touring Venture Fund, which are
venture capital funds focused on investments in entrepreneur-led,
disruptive, technology led companies.
(3) Oakley Capital, the Investment Adviser
Founded in 2002, Oakley Capital Limited has demonstrated the
repeated ability to source attractive growth assets at attractive
prices. To do this it relies on its sector and regional expertise,
its ability to tackle transaction complexity and its deal
generating entrepreneur network.
Important information
Specialist Fund Segment securities are not admitted to the
Official List of the Financial Conduct Authority. Therefore, the
Company has not been required to satisfy the eligibility criteria
for admission to listing on the Official List and is not required
to comply with the Financial Conduct Authority's Listing Rules.
The Specialist Fund Segment is intended for institutional,
professional, professionally advised and knowledgeable investors
who understand, or who have been advised of, the potential risk
from investing in companies admitted to the Specialist Fund
Segment.
This announcement may include "forward-looking statements".
These forward-looking statements are statements regarding the
Company's objectives, intentions, beliefs or current expectations
with respect to, amongst other things, the Company's financial
position, business strategy, results of operations, liquidity,
prospects and growth. Forward-looking statements are subject to
risks and uncertainties because they relate to events and depend on
circumstances that may or may not occur in the future. Accordingly
the Company's actual future financial results, operational
performance and achievements may differ materially from those
expressed in, or implied by, the statements. Given these
uncertainties, prospective investors are cautioned not to place any
undue reliance on such forward-looking statements, which speak only
as at the date of this announcement. The Company expressly
disclaims any obligation or undertaking to update or revise any
forward-looking statements contained herein to reflect actual
results or any change in the Company's expectations with regard to
them or any change in events, conditions or circumstances on which
any such statements are based unless required to do so by the
Financial Services and Markets Act 2000, the Listing Rules or
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END
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