A FAMILY-OWNED vehicle repair network, which employs 64 people across its five North East sites has been acquired in a significant private-equity backed deal.
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 £8.3m in its most recent filed accounts.
The Washington-headquartered business has now been given a major boost by becoming part of the Steer Automotive Group, whose continued investment in technology, geographical reach, and people is backed by growth specialists, Chiltern Capital.
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TTVRG owner and managing director, Darren Norton, has joined the Steer Automotive team as part of the deal, and will continue to play a key role in the group’s future strategy.
Newcastle advisors played a leading role in securing and negotiating the transaction, led by dealmakers Phil Williams and Abu Ali at Williams Ali Corporate Finance.
Legal advice was provided by Paul Bell and his team at Short Richardson Forth, with accounting and tax advice from Emma Glover and Beth Ramsden at Peppercorn Tax.
Advice to SteerAutomotive was provided by legal advisers Harrison Clark Rickerby and financial due diligence by RSM.
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