UK - NBGI sells Nationwide Autocentres to Phoenix

Rob
13 February 2006

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NBGI Private Equity has realised its investment in Nationwide Autocentres,the independent car servicing business, via a £49m Phoenix secondary buyout.

NBGI originally backed four members of the management team in the MBI of 41 vehicle service centres from Lex Autocentres in January 2001. With NBGI PE’s backing the company acquired branches from RAC plc in April 2002, Kwik-Fit in February 2003 and the AA in November 2004; it now operates 213 branches.

Mark Owen, Director of NBGI, commented:“The management team under Tom Dunn’s leadership has transformed several underperforming businesses into what is now the strongest and most trusted car repair company. We are pleased that, by working closely with Tom and his team, including financing the initial turnaround and acquisitions, the investment has been a great success for all involved. This is typical of the ‘traditional economy’ businesses we target and the highly competent management teams we seek to work with.”