Sale of Nationwide Autocentres
18 February 2010
Nationwide Autocentres (“Nationwide”) has been sold to Halfords Group PLC for £73 million by UK mid-market private equity firm Pheonix Equity Partners.
Nationwide is the leading independent provider of automotive mechanical repair, servicing and MOT tests across the UK. Operating from over 220 technical Autocentres, Nationwide has over 600,000 customers and is the UK’s leading MOT tester.
Phoenix acquired Nationwide in February 2006, following a direct approach made to the business 12 months earlier. The acquisition was made alongside a new management team recruited by Phoenix. The senior management team, comprising Duncan Wilkes (CEO), Bill Duffy (COO), Andy Stevens (CFO) and Mark Taylor (Commercial Director), grew Nationwide significantly during the period 2006-2010: new Autocentres were opened and acquired; new products and services were launched; and substantial investment was made in people and infrastructure. As a result, revenues have grown by around 30% and profitability by around 75%.
Hugh Lenon, a Managing Partner of Phoenix, said: “As a result of spotting the opportunity and then persuading Duncan, Bill and Andy to work with us to buy Nationwide in 2006, we, together, have created a very significant capital gain for all shareholders. The management team has done an absolutely outstanding job and we wish them, and Halfords, every success in the ongoing development of Nationwide Autocentres.”