£100m merger deal complete

Motorhog, Car Transplants, DH Systems and FAB Recycling completed their merger on 28 February.

Their merger creates SYNETIQ, the UK’s largest motor dismantler in a deal valued at over £100m.

The merger deal is the result of 12 months of positive dialogue between the merger parties who have all experienced strong trading performance in the period to completion.

The new SYNETIQ business, with significant capacity, scale, infrastructure, compliance and a uniquely integrated IT service. has ambitious plans for further growth. It will employ over 450 people and anticipated year one turnover will be c£120M.

Christian Mayo, who led the deal team for KPMG, said, ‘UK salvage is highly fragmented and this merger creates a business of significant scale and national reach to challenge the largest players in the industry. Critically, the combined business now has considerable firepower to drive investment throughout the organisation, leveraging some really exciting technology and R&D capabilities, to push forward its growth strategy.’

On behalf of all shareholders Synetiq group managing director Richard Martin said, ‘The start of March marks an exciting new chapter for all of us. In combining our individual businesses to create SYNETIQ, we have a business with a fantastic range of complementary skills, experience and capability, with significant physical and technological resources. SYNETIQ is in a strong position to provide the best possible service to our clients, customers and the industry.’