Friday December 11, 2020

FRP advises Vehicle Replacement Group in acquisition by Davies

We are pleased to announce that Vehicle Replacement Group (VRG), a specialist provider of vehicle solutions to the UK insurance market, has entered into a deal to be acquired by professional services and technology business Davies, with the support of FRP.

Advised by Corporate Finance Partner Dave Howes and the team in our Norwich office, VRG’s acquisition will complement Davies’ established motor claims operations in the UK, adding specialist solutions to insurance clients to drive down the cost of mobility.

Matt Corby, Managing Director of VRG, will continue to lead the business and will report to Kath Mainon, CEO of Davies’ Claims Solutions business in the UK & Ireland.

Founded by Corby in 2016, VRG has established a fantastic industry reputation through a unique, market-leading service offering to its blue-chip client base. Based in Birmingham, but with offices across the UK, VRG will be integrated into Davies’ 4,000-strong team.

We were instructed by VRG’s shareholders to secure a buyer for the £16 million turnover business following a decision to assess its options. The team, including Dave Howes, Ryan Symonds, Matt Field and Alex Hunton, managed a competitive process and approached a number of strategically selected parties consisting of private equity funds and trade options to negotiate a successful deal structure that accommodates the objectives of all shareholders.

Matt Corby, Founder and Managing Director at Vehicle Replacement Group, said: “It’s a great pleasure to be joining forces with Davies and we are excited to be part of its next phase of growth. The deal will offer our team significant opportunities for their personal development and career progression, and we look forward to working with the wider Davies team to the benefit of our highly valued clients.”

Dave Howes, Corporate Finance Partner at FRP, added: “In just four short years, Matt and his 60-strong team have created a multimillion-pound turnover business that continues to thrive despite the current economic headwinds. This deal demonstrates the continued demand for high-quality businesses within the M&A market as both trade parties and private equity seek valuable additions and drive market consolidation. We look forward to watching the continued growth and development of VRG under Davies over the coming years.”