Private equity firm Risk Capital Partners has taken a majority stake in DWS Bodyworks, a crash repairer in London.
DWS repairs passenger cars and light commercial vehicles for insurers from 15 bodyshops located around the M25.
It services almost all the major UK insurance underwriters, and carries out roughly 50,000 vehicle repairs a year.
Risk Capital Partners has partnered with Steve Field, DWS chief executive, to take control of the business from Dave Smithyes, who founded DWS 26 years ago and will remain as a director and minority shareholder.
Field says: “I am delighted to partner with Risk Capital to expand DWS. They worked to a very tight timetable and I look forward to working with them in the coming years to take advantage of the undoubted opportunities in our market.”
Luke Johnson, founder of Risk Capital Partners, adds: “We are excited to be teaming up with Steve and his colleagues to build on their success in the vehicle repair market. We want to continue organic growth at DWS and explore the possibility of add-on acquisitions. We are delighted to have closed this deal within a matter of weeks from being awarded exclusivity. It demonstrates that Risk Capital Partners is able to move swiftly where necessary to secure a transaction.”
Risk Capital Partners invested an undisclosed sum for a majority stake in DWS. Lloyds TSB Corporate Markets acquisition finance provided a modest level of senior debt facilities. RSM Tenon advised the management team on the transaction.
