Background
- Steer Automotive Group (Steer), founded by Richard Steer in 2018, is the UK’s largest and fastest-growing independent collision repair group
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Chiltern Capital and Keyhaven Capital invested alongside Richard Steer in 2021. During this period Steer moved from a top 20 regional B2B collision repair business to a UK-leading position with over 100 repair centres
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Steer is a key partner for the UK’s leading vehicle insurers, accident management companies and OEM dealerships
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Chiltern Capital is a lower mid-market focused private investment firm operating across the UK and Ireland
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Keyhaven is a specialist private equity firm dedicated to the European lower mid-market
Process
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DC Advisory acted as exclusive financial advisor to Steer’s shareholders on the transaction
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DC Advisory ran a tailored process, leveraging its sector expertise and senior relationships to identify and engage a competitive bidder group capable of supporting Steer’s ambitious buy and build strategy
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DC Advisory provided comprehensive M&A and debt advisory services, including bespoke lender education, process strategy and tactics, sector insight, and close support in negotiation and transaction documentation
Outcome
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As a result of a competitive process, Oakley Capital has reached a conditional agreement to invest in Steer
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This transaction extends DC Advisory’s significant body of experience in the automotive aftermarket and wider mobility sector
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Financial terms of the transaction were not disclosed
“DC Advisory’s strong connectivity to financial and trade investors, coupled with tactical process management and tireless commitment, was instrumental in delivering this fantastic result for the shareholders.”
“This is a landmark transaction in the UK mobility space. Richard, management and the shareholders have built a truly extraordinary business, at an incredible pace. It is exactly the transaction that we love to provide advice on, and it has been a privilege to have been involved.”
“We are delighted to have advised Richard and the broader Steer team / shareholders on a successful transaction. Steer is an incredibly high-quality business, reflected in their position as a leader in the UK market and is poised to go from strength to strength under Oakley’s stewardship. We look forward to witnessing Steer’s future growth. This transaction further highlights DC Advisory’s sector expertise in the automotive aftermarket sector.”
