Auto Windscreens
Das Matchmaker...Clearwater has demonstrated the power of its global deal origination capability by introducing Auto Windscreens to German turnaround firm ARQUES Industries AG.
Auto Windscreens is the second largest automotive glazing specialist in the UK, with revenue of £100 million and 1,800 employees, but heavily loss making. The company replaces and repairs vehicle glass at around 90 fitting centres and also has a fleet of over 700 fully equipped mobile service units to carry out on the spot repairs. It has a wide range of customers, including insurance companies, leasing and car rental companies and local authorities.
Auto Windscreens was sold by the motoring services business RAC plc, a subsidiary of one of the largest international insurance companies, AVIVA plc. The deal will allow AVIVA to concentrate on its core insurance business. ARQUES plans to increase the company’s customer base and significantly reduce fixed costs as well as focusing the number of service centres on profitable locations.
Clearwater identified ARQUES as a strategic buyer for Auto Windscreen following a wide marketing exercise by Aviva’s advisers. Clearwater negotiated successfully with Aviva’s advisers to introduce ARQUES as a potential buyer. This cross-border introduction demonstrates the power of Clearwater’s global deal origination capabilities after identifying ARQUES' intent to invest in the UK and recognising that it had a proven turnaround model and excellent sector knowledge.
Commenting on the successful deal, Christian Daumann, Managing Director, Arques Industries UK said:
"We are delighted that Clearwater introduced us to Autowindscreens. They clearly understood our acquisition criteria, sector knowledge and desire to invest in a substantial UK business. Arques was a late comer to the transaction but Clearwater were able to introduce us into a competitive situation and as the deal developed they assisted us with valuable insight into the process. We are hungry for more turnaround opportunities in the UK.”
Auto Windscreens is the second largest automotive glazing specialist in the UK, with revenue of £100 million and 1,800 employees, but heavily loss making. The company replaces and repairs vehicle glass at around 90 fitting centres and also has a fleet of over 700 fully equipped mobile service units to carry out on the spot repairs. It has a wide range of customers, including insurance companies, leasing and car rental companies and local authorities.
Auto Windscreens was sold by the motoring services business RAC plc, a subsidiary of one of the largest international insurance companies, AVIVA plc. The deal will allow AVIVA to concentrate on its core insurance business. ARQUES plans to increase the company’s customer base and significantly reduce fixed costs as well as focusing the number of service centres on profitable locations.
Clearwater identified ARQUES as a strategic buyer for Auto Windscreen following a wide marketing exercise by Aviva’s advisers. Clearwater negotiated successfully with Aviva’s advisers to introduce ARQUES as a potential buyer. This cross-border introduction demonstrates the power of Clearwater’s global deal origination capabilities after identifying ARQUES' intent to invest in the UK and recognising that it had a proven turnaround model and excellent sector knowledge.
Commenting on the successful deal, Christian Daumann, Managing Director, Arques Industries UK said:
"We are delighted that Clearwater introduced us to Autowindscreens. They clearly understood our acquisition criteria, sector knowledge and desire to invest in a substantial UK business. Arques was a late comer to the transaction but Clearwater were able to introduce us into a competitive situation and as the deal developed they assisted us with valuable insight into the process. We are hungry for more turnaround opportunities in the UK.”
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