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(Alliance News) - Oakley Capital Investments Ltd on Tuesday noted Oakley Capital Fund V's investment in Steer Automotive Group Ltd.
The investment company providing access to Oakley Capital Private Equity funds said that Oakley Capital Fund V has agreed to acquire Buckinghamshire, England-based B2B automotive services platform, Steer Automotive for an undisclosed amount.
Oakley Capital Investments said its indirect contribution via Fund V could be up to GBP90 million.
"Partnering with Oakley will facilitate Steer Group's next stage of growth within the fragmented collision repair market, further strengthening its investment in its facilities, development and training through the Steer Academy programme, and EV repair capability to meet the demands of newer, more technologically advanced vehicles," said investment adviser Oakley Capital Ltd.
Steer Automotive Founder Richard Steer said: "We are delighted to have now secured a partnership with Oakley Capital to fuel the next phase of our growth. Oakley are a great fit for our business and complement our experience, with a very strong track record helping fast-growing businesses through both organic growth and M&A. We see potential to further grow our share of the automotive repair market by building a unique sector-leading proposition that's well positioned to meet the evolving needs of our clients, sustaining our strong focus on customer care and service quality."
Shares in Oakley Capital Investments were untraded at 490.50 pence each in London on Tuesday morning.
By Sabrina Penty, Alliance News reporter
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