Steer Automotive Group has announced substantial new investment from Oakley Capital, a leading pan-European private equity investor.
Oakley will acquire the shares held by Keyhaven Capital Partners and Chiltern Capital while founder Richard Steer and the current management team will continue to lead the business.
Founded in 2018, Steer Automotive now includes more than 100 repair centres, or five per cent of the UK market, and repairs more than 115,000 vehicles a year. It holds 43 manufacturer accreditations, including major brands such as Porsche, Rolls Royce, Bentley, McLaren, Lamborghini, Aston Martin, JLR, Tesla, Mercedes Benz, Volkswagen Group, Stellantis and Ford
Last year it was ranked 36th in The Sunday Times’s list of 100 fastest-growing businesses in the UK, and recognised by The Independent as one of the top 100 job creators in the country.
Richard Steer said: “Over recent years we have built Steer into the UK’s leading automotive repair business, with major investments in the talent, technology, and systems required to serve the automotive industry as it undergoes huge change. Both Chiltern and Keyhaven have been great supporters of our business and have been instrumental in delivering the growth we have achieved to date.
“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.”
