M&N Vehicle Services

We’re pleased to have secured the sale of fleet repair and maintenance provider, M&N Vehicle Services to Precision Repair Group (PRG), a national collision repair business.

Based in Peterborough, M&N was formed in 2009 by Michael Ambrosio and Chris Noll. The business now runs three sites where it provides vehicle maintenance, repairs, 24-hour roadside cover, MOTs and HGV testing to keep fleets moving for operators in distribution, construction, food and drink and the public sector.

M&N was the seventh business to join the PRG Group, and its second commercial vehicles operator. Following two further acquisitions, PRG now comprises nine businesses across 50 sites between Aberdeen and London. M&N will keep its name, its three sites and its team as part of the transaction. Michael Ambrosio and Chris Noll will continue to lead the business.

Our Corporate Finance team acted as the lead sell-side advisers to M&N on the transaction. We led the commercial negotiations and project managed the due diligence process, while also providing tax advice, to see the deal through to completion.

Chris Adlam, Partner at FRP Corporate Finance, said: “We have worked with M&N for many years so when the opportunity arose to advise on this deal, we were very pleased to provide hands-on support to manage the transaction and help maximise deal value. Michael and Chris have worked incredibly hard to build the business over the last 17 years, so we were delighted to help them realise value as well as moving on to the next stage of their journey with PRG who have the network and resources to continue the growth over the coming years.

Michael Ambrosio, M&N Managing Director added: “When Chris and I started M&N in 2009, our ambition was simply to look after people’s vehicles properly and build a business that customers genuinely wanted to come back to. Today, we have three sites and around 45 employees, and when I look back it is hard to believe how far we have come from those early days in a van.

“This new partnership with PRG now gives us the opportunity to continue building on our success.  We would like to thank Chris, Jo and the wider FRP Corporate Finance team, they went above and beyond providing invaluable support, overcoming many deal challenges and ensuring we could get this transaction completed.”