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Phoenix sells Nationwide Autocentres to Halfords

Phoenix Equity Partners, a UK mid-market private equity firm, has reached agreement for the sale of Nationwide Autocentres to Halfords Group for GBP73m.

Nationwide is a provider of automotive mechanical repair, servicing and MOT tests across the UK. 

Operating from over 220 technical Autocentres, Nationwide has over 600,000 customers.
Phoenix acquired Nationwide in February 2006, following a direct approach made to the business 12 months earlier. The acquisition was made alongside a new management team recruited by Phoenix. 

The senior management team grew Nationwide during the period 2006 to 2010: new Autocentres were opened and acquired; new products and services were launched; and investment was made in people and infrastructure. As a result, revenues have grown by around 30 per cent and profitability by 75 per cent.
Hugh Lenon, a managing partner of Phoenix, says: “As a result of spotting the opportunity and then persuading Duncan, Bill and Andy to work with us to buy Nationwide in 2006, we, together, have created a very significant capital gain for all shareholders. The management team has done an absolutely outstanding job and we wish them, and Halfords, every success in the ongoing development of Nationwide Autocentres.”

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