- Richard Steer sells majority stake
- Oakley Capital invests £500 million
- Steer Automotive poised for expansion
After agreeing to sell a majority stake in his eponymous chain of auto repair shops to Oakley Capital, a private equity firm owned by Peter Dubens, Richard Steer stands to gain an enormous fortune.
The founder of a prominent automotive repair chain in the United Kingdom is poised to receive a substantial financial gain following an agreement to transfer a majority stake in the business for a valuation of £500 million.
A controlling interest in Steer Automotive Group, established by Richard Steer a little over five years ago, has been transferred to Oakley Capital, a private equity firm.
According to city sources, the agreement in which Mr. Steer and Oakley will reinvest in the company is expected to be disclosed this week.
Steer Automotive Group operates from over a hundred locations across the United Kingdom and employs over 2,500 individuals.
Prominent insurance companies such as Admiral, Allianz, LV, and NFU Mutual are among its clientele.
Annually, the company repairs over 115,000 passenger, luxury, and commercial vehicles, according to its website.
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Automobile manufacturers, including Lamborghini, Porsche, Aston Martin, Jaguar Land Rover, and Tesla, endorse and certify their products.
As per industry insiders, Mr. Steer established the organization from a solitary location in Aylesbury in 2018 and has since witnessed its exponential expansion.
In 2021, he successfully obtained funding from Chiltern Capital and Keyhaven Capital for unspecified money.
Oakley, founded by entrepreneur Peter Dubens, invested with Mr. Steer due to its strong management, according to one source.
They added that its financial support for the company will include investments in the training and upskilling of vehicle technicians.
The organization considers new acquisitions that stimulate expansion a distinct possibility.
DC Advisory has been advising Steer Automotive on the procedure.
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