Keyhaven is pleased to announce the agreement to exit Steer Automotive Group, the UK’s largest and fastest-growing independent collision repair group, to Oakley Capital, a pan-European financial investor. Steer is a key partner for the UK’s leading vehicle insurers, accident management companies and OEM dealerships, and Keyhaven backed Chiltern Capital’s investment into the company in 2021. During Keyhaven’s three-year holding period, Steer established itself as the UK’s leading B2B automotive services platform, completing 18 acquisitions to create a network of over 100 repair centres across the country, and has increased its number of manufacturer accreditations from 14 at entry to 43 currently. The group has expanded from its core passenger car repair market into the adjacent markets of luxury car repair, commercial vehicle repair and technical services. Steer now represents approximately 5% of the UK collision repair market, employing over 2,300 people and repairing more than 115,000 vehicles a year.
Commenting on the sale, Andrew Ware, Partner at Keyhaven said: “We are delighted by the successful and planned exit of Steer which is ahead of expectations, marking a significant transaction for Keyhaven. We partnered with Chiltern as part of our longstanding relationship with the sponsor, illustrating Keyhaven’s relationship-driven sourcing approach. When we invested in 2021, Steer was a regional B2B vehicle accident repair business with a strong local brand reputation. The business aligned with our investment strategy as it was at a clear inflection point for change; and it has since scaled its capacity, distribution network, and product portfolio to become an established industry leader in the UK market.”
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