Oakley Capital has reached a conditional agreement to invest in Steer Automotive Group.
It is acquiring the shares held by Keyhaven Capital Partners and Chiltern Capital for a reported £500m.
Founder Richard Steer and his management team will continue to lead the business, which comprises more than 100 repair centres and handles upwards of 115,000 jobs a year.
The deal is expected to ignite the next growth phase for Steer, with further investment in facilities, development and training, and EV repair capability.
Steer said: “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.”
