The Carlyle Group said Thursday it completed its buy of Nationwide Accident Repair Services PLC. The deal was announced in April. Nationwide, of the U.K., provides automotive crash repair and accident administration services to the automotive insurance industry. Nationwide has also applied to the London Stock Exchange to delist from AIM.
London, UK – Global alternative asset manager The Carlyle Group (NASDAQ: CG) today announced that it has completed the acquisition of National Accident Repair Services PLC (NARS), a provider of automotive crash repair and accident administration services to the UK automotive insurance industry. Following approval by the High Court of Justice of England and Wales, NARS has made an application to the London Stock Exchange for the cancellation of the admission to trading on AIM of, and cessation of dealings in, NARS Shares, effective from 7:00 a.m. (London time) on 4 June 2015.
Equity for the investment will come from Carlyle Strategic Partners III, a global special situations and corporate opportunities fund.
With accident repair centres located throughout the United Kingdom, NARS is the largest dedicated provider of accident repair services in the UK and has relationships with a number of motor insurers, including R&SA, Aviva, Equity Red Star and Zurich. It also provides its services to fleet operators.
Ian Jackson, Managing Director and Co-Head of Carlyle Strategic Partners, said, “We are pleased to have closed this transaction and will now work closely with the management team on their plans to grow the business nationally. Our extensive experience in working with businesses in this sector, including the Service King repair business in the US, means we are well placed to support management.”
Michael Wilmshurst, Chief Executive Officer of NARS, said, “We are delighted to be working with Carlyle as we look to move the business forward. The strong, long standing, customer base and modern integrated repair capability, alongside the expertise of the Carlyle team offer great growth potential for NARS. Together we intend to broaden and expand our offer, creating a fully integrated, deployment, repair and mobility solution for both our customers and theirs.”
Originally established in 1908, today NARS provides integrated automotive accident repair management services to the UK insurance industry and to fleet and retail customers. With 80 repair centres, it is the largest dedicated provider of accident repair services in the UK. NARS is active throughout the UK with three divisions: (i) Nationwide Crash Repair Centres, which provides vehicle body repair services; (ii) Network Services, which provides accident management services, claim handling and deployment for repair for insurance companies and fleet operators; and (iii) Motorglass, which provides mobile motor glass repair and replacement. The NARS Group employs approximately 2,500 staff.
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About The Carlyle Group
The Carlyle Group (NASDAQ: CG) is a global alternative asset manager with $193 billion of assets under management across 130 funds and 156 fund of funds vehicles as of March 31, 2015. Carlyle’s purpose is to invest wisely and create value on behalf of its investors, many of whom are public pensions. Carlyle invests across four segments – Corporate Private Equity, Real Assets, Global Market Strategies and Investment Solutions – in Africa, Asia, Australia, Europe, the Middle East, North America and South America. Carlyle has expertise in various industries, including: aerospace, defense & government services, consumer & retail, energy, financial services, healthcare, industrial, real estate, technology & business services, telecommunications & media and transportation. The Carlyle Group employs more than 1,650 people in 40 offices across six continents.