Investec Growth & Acquisition Finance and Barclays have supported the Carlyle-backed, Nationwide Accident Repair Services in its acquisition of DWS Automotive Repair Solutions Ltd.
Established in 1982, DWS operates a chain of 17 repair centres providing accident repair and accident management services to motor insurers, fleet operators, dealer groups and motor manufacturers, predominantly around the M25.
The acquisition builds on Investec’s existing relationship with Carlyle and Nationwide. In March, Investec and Barclays provided acquisition and revolving credit facilities to support the firm’s strategy to provide an enhanced service offering to its customers.
Nationwide is the leading provider of automotive accident repair management services to the UK insurance, fleet and retail markets. With more than 100 repair centres and 2,500 staff across the UK it is the largest dedicated provider of accident repair services in the UK.
Nationwide has a successful track record of acquiring businesses to further its presence in certain regions throughout the UK, most recently acquiring Just Car Clinics in September 2015. The primary goal for Nationwide is to become the accident repair services provider of choice for the insurance, fleet and retail markets.
John Clifford, Investec Growth & Acquisition Finance, says: “We work in partnership with management teams that have a long-term plan for growth. Nationwide has a strong track record of successful acquisitions and we look forward to working with the company in the next phase of its growth alongside Carlyle, with whom we also have a long-standing relationship.”
Tim Mayes, Barclays Relationship Director, Corporate Banking, says: “Barclays is proud of our association with Nationwide. We have developed a close relationship with the management team and thorough understanding of their industry and markets and this has enabled us to further support the company with a finance solution that fits well with their strategic plans."
Michael Wilmshurst, CEO, Nationwide Accident Repair Services, says: “We needed flexible financing partners with an understanding of our business. The facilities we now have in place give us the confidence to embark on a fresh cycle of growth, secure in the knowledge that the capital we need for further expansion through acquisition will be on hand exactly when required.”
