Nationwide Autocentres Sold For £49m

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Mon 13 Feb 2006 14:36
Nationwide Autocentres Sold For £49m - Honestjohn
PRESS RELEASE - 13 February 2006. May be of interest to The Backroom.

Nationwide Autocentres, the UK's leading independent MOT and car
servicing specialist, has been sold to Phoenix Equity Partners.
Phoenix are backing a new management team led by Duncan Wilkes as
CEO and supported by Bill Duffy (COO) and Andy Stevens (CFO). All
are former RAC senior managers.

Phoenix Equity Partners is a major private equity investor with over
£500m of funds under management.

The former Nationwide team of Tom Dunn (CEO), David Staniland, Roy
Mitchell and Gwyn Jones formed Nationwide Autocentres in a
Management Buy-In of 41 vehicle service centres from Lex Autocentres
in January 2001. This deal was backed by NBGI Private Equity
(NBGIPE). The management team was subsequently strengthened by the
appointment of Jim Cooper as Finance Director and Alan McWalter, the
former M&S Group Marketing Director, as Non Executive Chairman.

Nationwide's buy and build strategy included acquiring branches from
RAC plc in April 2002, Kwik-Fit in February 2003 and the AA in
November 2004, with further equity funding from NBGIPE; it now
operates 213 branches.

Nationwide has won numerous awards for its service, including being
Repairer of the Year in both 2003 and 2004 and Trainer of the Year
in 2005. Its rapid growth also led to inclusion in the 2005 Sunday
Times FASTRACK 100 list of companies.

Duncan Wilkes the new CEO said:
"We are investing in Nationwide because it is a good business with
great potential. We expect to invest further in the people and the
infrastructure of the company so that we can deliver that potential.
Nationwide is already unique as the only significant independent
organisation able to provide drivers with mechanical repair,
servicing and MOT tests across the country. We are determined that
it will become the recognised leader in terms of service and value
for its customers, rewards for its staff and growth for its
investors."

Tom Dunn, outgoing Chief Executive of Nationwide, commented:
"Over the last five years we have grown Nationwide Autocentres into
the UK's leading car repair specialist. I am proud to have led and
been part of the team that has accomplished this achievement and
thank our current staff for their support. Nationwide is now poised
for further growth and we wish the new management and owners success
in taking the business to the next stage."
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Mon 13 Feb 2006 14:42
Nationwide Autocentres Sold For £49m - mss1tw
Forgive me for being dense, but is the same Phoenix group that took over Rover?
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Mon 13 Feb 2006 15:31
Nationwide Autocentres Sold For £49m - Happy Blue!
No, different people, but you might have thought that if they were in the motor trade, they would avoid the Phoenix name like the plague!.
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Espada III - well if you have a family and need a Lamborghini, what else do you drive?
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