Houlihan Lokey Advises Oakley Capital

Houlihan Lokey is pleased to announce that Oakley Capital Investments Ltd. (Oakley), a leading pan-European private equity investor, has acquired Steer Automotive Group (Steer Automotive), the UK’s largest and fastest-growing independent collision repair group, from Chiltern Capital and Keyhaven Capital. The transaction was completed on 15 April 2024.

Founded in 2018 by serial entrepreneur Richard Steer, Steer Automotive has expanded through 18 acquisitions, establishing a network of more than 100 repair centres. The group facilitates repairs through its core passenger car and prestige repair centres, luxury brand centres, and commercial vehicle locations. Representing approximately 5% of the UK repair market, Steer employs over 2,300 people and repairs more than 115,000 vehicles a year.

Richard Steer and the current management team will continue to lead the business and are reinvesting alongside Oakley. As part of the transaction, Oakley will acquire the shares held by Keyhaven Capital Partners and Chiltern Capital. Partnering with Oakley will facilitate Steer Automotive’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.

Peter Dubens, Founder and Managing Partner at Oakley, said: “Our strategy has always been to invest behind exceptional founders with a clear strategic vision. We have been impressed by Richard and his team and the way they have built Steer to serve the changing needs of the UK automotive industry. We look forward to working with the company as they deliver on their ambitious growth plans to scale Steer Group into a key service provider for this large, dynamic market.”

Richard Steer, Founder of Steer Automotive, added: “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. Oakley is a great fit for our business and complements our experience, with a very strong track record of helping fast-growing businesses through both organic growth and M&A.”

Houlihan Lokey served as the exclusive financial advisor to Oakley in a deal that exemplifies the continued success of Houlihan Lokey’s dedicated global coverage of the business services sector.