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FRP Corporate Finance has advised the automobile body centre Lovells Auto body Centre on its sale to Steer Automotive Group.
Lovells Auto Body Centre emerged in 1972 from the Lovells family garage which was first established during the 1930s.
Chris Hammond and Duncan Exton acquired the business in 2001, successfully growing the business to the combined 11 sites across the East of England.
Lovells established approvals from leading manufacturers such as BMW, Tesla, Mercedes-Benz Van, Audi, VW Skoda Seat, Kia and Hyundai. A variety of services provided by Lovells includes accident repair, MOTs, servicing, tyres, wheel alignment, air-con servicing, valeting and sign writing.
FRP Corporate Finance team, led by partner Simon Davies, associate director Ed Shurville-Darlington and manager Charlie Hallaran with sector input provided by director Greg Cox, provided sell-side advisory to Lovells and Pronto Auto Body Centres.
The team’s expertise facilitated the due diligence process and offered crucial guidance to the shareholders, ensuring a successful exit within a challenging time frame. The successful transaction will allow Steer Automotive Group to expand its footprint in the East Midlands.
Davies said: “We are delighted to have been able to support Lovells and Prontos on the sale to Steer. This strategic alliance not only secures the legacy of our client but also heralds a new chapter of expansion and innovation in the region’s automotive sector.”
Exton and Hammond, at Lovells, said: “We have the utmost confidence we’re leaving our customers, colleagues and the business in good hands. We wish them all the very best for the future and look forward to seeing the progress the business makes in the coming months and years under Steer’s stewardship.
“Simon and the team at FRP played a pivotal role from the outset, understanding our initial requirements, providing proactive project management, and finalising the deal within the agreed deadline. We thought this was a straight-forward exercise, but the complexity of the transaction and their detailed and thorough approach on all the numbers showed we had made the right decision to appoint them!”
Richard Steer, chief executive at Steer Automotive Group, added: “This acquisition is not just about expanding our footprint; it’s about integrating Lovells and Pronto’s expertise with our own. Their reputation for high quality repairs combined with first class customer service, sets us up to further extend our reach into the East of England.”
