Keyhaven Capital backs Chiltern Capital’s investment in Steer Automotive Group
Founded in 2003, Steer Automotive has established relationships with some of the biggest players in the motor industry including Ford, Vauxhall and Honda, operating across 11 strategically placed sites with 205 employees. The business proved its resilience throughout the Covid-19 pandemic through maintaining high utilisation rates and outperforming many of its peers.
In line with Keyhaven’s core investment principles, Steer Automotive already has many ESG initiatives in place including apprentice schemes and a target of carbon neutrality. Enhancing corporate governance, financial reporting and other related processes will be key priorities going forwards, further building on Steer Automotive’s sustainability credentials.
Since investment, the business has acquired Premier Panel Skills, a leading prestige vehicle repair specialist which, as one of only 14 Porsche approved repairers in the UK, expands the companys’s relationships with leading vehicle manufacturers and customers. Steer Automotive will further extend its current capabilities whilst expanding its geographic footprint.
Commenting on the announcement, Sasha van de Water, Managing Partner at Keyhaven said:
“We are thrilled to be partnering with Chiltern Capital to invest in Steer Automotive Group. The business is a clear industry leader in the vehicle repair sector owing to its high-quality service and strong customer base. The business is well placed for growth having proven successful integration with previous acquisitions, and we look forward to seeing its potential realised.”
Alex Sheffield, Partner at Chiltern Capital said:
“We are delighted to be a trusted partner of Keyhaven Capital and to be working with them to support Steer Automotive Group in the next stage of its development. With this investment, the business, which continues to be led by Richard Steer alongside a strengthened management team, is in prime position to deliver its ongoing growth strategy, and we are excited to support Richard and the team as the business continues to grow.”
About Keyhaven Capital
Keyhaven is a specialist secondaries private equity firm dedicated to the European lower mid-market. With a diverse team, a network embedded in local markets and a flexible approach to deal making, Keyhaven works with niche industry leaders to accelerate growth, building robust, sustainable businesses that deliver for their investors, employees and local communities.
Since its foundation in 2003, Keyhaven has invested or advised on in excess of €2 billion and made more than 60 secondaries investments in Europe.
About Chiltern Capital
Chiltern invests up to £30m of equity in growing lower mid-market companies in the UK and Ireland within the Business Services, Industrials and TMT sectors. The firm partners with ambitious management teams and entrepreneurs, providing strategic, financial and operational support, to deliver significant growth and value enhancement.
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