Background

The Vehicle Replacement Group (VRG) is a specialist provider of vehicle solutions to the UK insurance market. Based in Birmingham but with offices across the UK, the business provides end-to-end vehicle rental, third-party intervention and new vehicle replacement through its technology driven platform. Founded in 2016 by Matt Corby, VRG has established a fantastic industry reputation through a unique, market-leading service to its blue-chip client base.

Action

VRG’s shareholders had decided to explore their options for the £16 million turnover business and instructed FRP’s Corporate Finance team to secure a buyer for the company, to enable them to achieve an ambitious business plan. Our team managed a competitive process and approached a number of strategically selected parties consisting of private equity funds and trade options. They then negotiated a successful deal structure that accommodated the objectives of all shareholders.

Outcome

The team secured the strategic sale of VRG to Davies, a leading specialist professional services and technology business that serves the insurance and other highly regulated markets. VRG will provide a strategic acquisition and complement Davies’ established motor claims operations in the UK, enabling insurance clients to drive down the cost of mobility. Matt Corby will continue to lead VRG and work with the 4,000-strong Davies team.

“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.” Matt Corby, Vehicle Replacement Group