Private equity firm Keyhaven Capital Partners has agreed to sell its equity stake in independent collision repair group Steer Automotive to pan-European private equity investor Oakley Capital. The bodyshop group’s founder Richard Steer and the current management team will continue to lead the business and are reinvesting alongside Oakley. As part of the transaction, Oakley will acquire the shares held by Keyhaven Capital Partners and Chiltern Capital. Since Capital’s and Keyhaven’s investments in 2021, Steer completed 18 acquisitions to create a network of over 100 repair centers across the country. The group has expanded from its core passenger car repair…
Tag: automotive repair near me
History Repeats Itself As Automakers Strike Deal With Independent Repair Facilities To Provide Access to Telematics Data
The Alliance for Automotive Innovation, a trade association representing US automakers and other manufacturers, announced on July 11, 2023 that it had entered into an agreement with trade associations representing independent repair facilities affirming the continued vitality of a 2014 agreement on automotive right-to- repair issues and declaring that “independent repair facilities shall have access to the same diagnostic and repair information that auto manufacturers make available to authorized dealer networks.” In the original 2014 Memorandum of Understanding, automakers agreed to make repair tools and information available for vehicles available to the aftermarket on fair and reasonable terms, and committed…
New Mass. right-to-repair law now being enforced
Local News The law, which voters approved in 2020, requires certain vehicle information to be shared with buyers and independent repair shops. Massachusetts Attorney General Andrea Campbell began enforcement on June 1. A judge paved the way for Massachusetts Attorney General Andrea Campbell to begin enforcing a new law that will require certain vehicle information to be shared with buyers and independent repair shops. Suzanne Kreiter/Boston Globe On Thursday, Massachusetts Attorney general Andrea Campbell began enforcing the state’s new right-to-repair law following years of bitter debate and a wildly expensive ballot initiative that was approved by voters in 2020. Here’s…