Chiltern Capital and Keyhaven have raised financing to support the growth strategy of Steer Automotive
Steer Automotive Group
Steer Automotive Group is an award-winning accident repair center with more than 30 years of knowledge and expertise within the body shop industry. Having originated in the Midlands, the business is expanding rapidly and now has sites across the UK, offering a full spectrum of repair services, manufacturer approvals and accreditations to its insurer customer base. In Q1 2021, Steer Automotive secured investment from Chiltern and Keyhaven Capital to accelerate the execution of its strategy.
The new institutional capital raise has supported Steer Automotive in successfully consolidating its existing credit lines and provides access to additional resources for future growth. Under the experienced leadership of industry veteran Richard Steer, Steer Automotive has become the UK’s fastest-growing accident repair group by expanding its site network, customer base and suite of expertise.
Xenia Sarri, Managing Director in Lincoln’s London office, commented, “The transaction represents another successful growth-orientated financing solution, in this particular case, in the automotive sector. This process shows that lenders continue to consider credit opportunities from all sectors, supporting both credible growth initiatives, alongside investable management teams. By effectively communicating the proposition and ongoing value to lenders, we are pleased to have supported both the management team and sponsor in securing a committed lender, giving both flexibility and resources in the execution of their strategy. We look forward to seeing the management team continuing their successes in developing the Steer Automotive business well into the future.”
The Lincoln team provided highly valuable advice to the business in navigating their focused process and securing a great partner in Ares. We look forward to working with the Lincoln team again in the future.
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