The German turnaround firm ARQUES Industries AG has acquired Chesterfield-based automotive glazing specialist Auto Windscreens Ltd following an introduction by Clearwater Corporate Finance.
Auto Windscreens has been 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.
Auto Windscreens is the second largest automotive glazing specialist in the UK, with revenue of £100 million and 1,800 employees. 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. 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.
It is the first time within the ARQUES group that a transaction has been carried out by the British subsidiary, ARQUES UK, in London.
“The takeover is a typical ARQUES transaction,” said Dr. Michael Schumann, chairman of the ARQUES executive board, “and demonstrates the transferability of our business model to the UK. We are pleased to become the business partner of a high profile UK company in our first transaction,” Schumann emphasized.
It is the seventh transaction in the current financial year for ARQUES. ARQUES UK country manager Christian Daumann added: “There is a demand for turnaround specialists such as ARQUES who acquire companies and actively restructure and grow them.”
ARQUES Industries was introduced to the transaction by Clearwater Corporate Finance. Nick Jones, who led the Clearwater team, said: “Clearwater had identified Arques intent to invest in the UK and recognised that it had a proven turnaround model and excellent sector knowledge.”