Thanks to ICFG UK, Apollo Motor Group and Balgores Motors, two significant accident repair centre groups in Southern England complete their disposal to Steer Automotive Group
Apollo Motor Group (‘Apollo’) was founded in 1985 by Graham and Tracy Eyles and has grown steadily to 20 repair sites spread across the South of England, with further new sites planned on an ongoing basis. Apollo is very well regarded in the industry with multiple awards and a strong emphasis on staff development recognised by a top 100 apprenticeship award.
Balgores Motors (‘Balgores’) was founded in 1982 by Paul Austin with a focus on prestige Vehicle Manufacturer approvals and operates across 12 repair sites in and around Essex. Balgores has a similarly strong reputation in the industry, with high quality repair operations and a strong workforce culture.
With the shareholders having successfully grown Apollo and Balgores into leading accident repair shops in the industry, the acquisition by Steer will allow the shareholders to realise the significant value created in the businesses to date. They look forward to seeing the ongoing growth of the combined group over the coming years.
HMT acted as lead advisors on the transaction which included running a strongly competitive sale process, negotiating key agreements, supporting the business through an extensive due diligence process and project managing the deal to a successful completion.
Graham and Tracy Eyles, shareholders of Apollo commented:
“HMT helped us prepare effectively for an intense process. They were alongside us the whole way and presented a range of exit options for us to consider. Once we had decided to sell to Steer Automotive Group, they worked to preserve an excellent price, fought ceaselessly on our behalf’s and were there in a very human way as we struggled with the process of letting go of the business we have built over decades. We would wholeheartedly recommend Wendy and her team”
Wendy Hart, Partner at HMT commented:
“The sale of Apollo and Balgores to Steer Automotive has delivered an excellent result for the existing shareholders and the businesses themselves. Graham, Tracy and Paul have developed their businesses over many years into highly successful operations. The acquisition by Steer Automotive Group allows the combined group to continue its exciting growth plans as part of a larger organisation providing further significant future prospects. We are delighted to have advised the shareholders through the process and wish the group every success for the future.”