The deal
We’re pleased to have supported a significant private equity-backed acquisition for Tyne Tees Vehicle Repair Group – a Washington-headquartered business. Tyne Tees Vehicle Repair Group has been acquired by Steer Automotive Group, backed by Chiltern Capital.
Founded in 1970, Tyne Tees Vehicle Repair Group has grown into one of the largest and most highly respected regional repair specialists in the UK, with reported turnover of £8.3 million in its filed accounts.
Darren has joined the Steer Automotive team as part of the deal, and will play a key role in the group’s future strategy to broaden its footprint both inside and outside the North East region.
Our Corporate Finance team led by Partner Phil Williams supported Tyne Tees Owner and Managing Director Darren Norton in securing and negotiating the transaction.
Phil Williams, Partner at FRP Corporate Finance, said: “This is a significant deal for the sector on a national level and an outstanding deal for this region, which will see inward investment to support further growth. It has been a real pleasure to work with all involved to achieve this result.”
Darren Norton, Managing Director at Tyne Tees Vehicle Repair Group, said: “This is an exciting moment for our business, as we join an ambitious and progressive group in which all our existing employees, suppliers and customers can thrive. I am looking forward to continuing to lead and grow our outstanding workforce backed by the expertise and resources of our new colleagues within Steer Automotive.
“The technical expertise of the team was second to none. There were specific complexities attached to this deal including some of which were last minute in nature, and they approached this with a willingness to overcome and achieved just that. The level of rigour from the team was incomparable and the efforts that they undertook on my behalf were exceptional. I cannot speak more highly of them.”
Deal summary
Date:
November 2021
Sector:
Automotive
Deal type:
Selling a business, Private Equity
Deal size:
Undisclosed