Pierce advises Innovative Repair Group on disposal of six sites

Pierce's Corporate Finance Team has advised the shareholders of Innovative Repair Group (IRG) on the disposal of six sites to Steer Automotive Group (SAG).

Founded in 1999, IRG has built a reputation as a leading independent network of expert vehicle repair centres, situated across Wales and England. IRG will continue to trade from its six remaining sites in Wales, located at Cardiff, Pontypridd, Hereford, Bridgend, Newport and Merthyr.

The IRG shareholders in a bid to reevaluate its current portfolio, came to the decision to sell six locations to a buyer that can continue the long-standing success of these sites and identified SAG.

Steer is a highly acquisitive, private equity-backed business and are consolidating the UK automotive repair centre sector.

The Pierce Corporate Finance Team led by director Kevin Steven provided sell-side advisory to IRG, and managed negotiations between the parties, to achieve a satisfactory outcome for all stakeholders.

Tax and restructuring advisory was provided by Pierce tax director, Dominic Ball.

Pierce Corporate Finance director Kevin Steven commented: “We are delighted to have advised the Board of IRG on the disposal of six sites to Steer Automotive Group. The deal was complex but has been handled professionally by all parties involved.”

Daniel Lewis, director of Innovative Repair Group said: “Pleased with the outcome and we are confident that we are leaving our employees and customers in good hands. Pierce Corporate Finance played a pivotal role in understanding the needs of the business and project managing the transaction to the agreed deadline.”

Richard Bell, partner of Farleys Solicitors, and Dean Gormley, partner of Clyde & Co, provided legal advice to IRG. Steer Automotive Group was advised by Harrison, Clarke, Rickerbys.