Carlyle picks up NARS for £43.2m

Carlyle is purchasing the company through Canaveral Bidco, which is acquiring the entire ordinary share capital of NARS.

The purchase price represents a 45% premium on the company's volume-weighted average share price during the three months to 31 March, and a premium of 13% on NARS's closing share price of 88.5 pence on 31 March.

The offer is subject to shareholder approval.

Company
NARS provides vehicle accident repair management services to the UK insurance market for both fleet and retail customers. The company operates 70 repair centres dedicated to accident repair services and repairs around 200,000 vehicles per year, making it the largest operator in the UK.

The company operates through three divisions: Nationwide Crash Repair Centres, which provide body repair services; Network Services, which focuses on accident management services, claim handling and deployment for repair for insurance companies; and Motorglass, which specialises in vehicle glass repair and replacement.

Established in 1993, NARS employs 2,500 people and is based in Witney, Oxfordshire.

People
Michael Marx is chairman of NARS and Michael Wilmshurst is CEO.

Advisers
Equity – Rothschild, Ravi Gupta, Jonathan Slaughter (Corporate finance).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• UK / Ireland
• PIPEs
• Carlyle Group
• United Kingdom