Steer Automotive Group CEO sells majority stake – report

Firm's insurer partners include Allianz and Covéa

Steer Automotive Group CEO sells majority stake – report

Motor & Fleet

By Terry Gangcuangco

The founder and chief executive of Steer Automotive Group, Richard Steer, has reportedly sold a majority stake in the automotive repair business to private equity firm Oakley Capital.

According to Sky News, the transaction is likely to be made public this week.

On its website, Steer lists the likes of Admiral, Allianz, Covéa, Enterprise, LV=, and NFU Mutual as its insurer partners.

Manned by over 2,000 colleagues across more than 100 locations in the UK, Steer recently acquired repair services provider Fastlane Paint & Body.

Meanwhile, the supposed deal with Oakley is said to feature a £500 million valuation.   

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