Acquisition of Fastlane Paint & Body by Steer Automotive Group

BDO.LiveSite.Deals.DealTypeTransaction Services
BDO.LiveSite.Deals.ClientNameSteer Automotive Group Limited
BDO has provided vendor financial and taxation due diligence on the sale of Fastlane Paint and Body Limited to Steer Automotive Group Limited.

Steer Automotive Group is an award-winning company with over 30 years of knowledge and expertise within the vehicle body repair sector. Having originated in the Midlands, the business is expanding rapidly and now has sites across the UK. It has acquired Fastlane Paint and Body Limited, a leading company specialising in the repair of the world’s leading vehicle brands. The addition of Fastlane’s four accident repair centres in Guildford, Ascot, Heathrow and Elstree marks a significant growth step in Steer's luxury vehicle repair division.

Founded in 2004 by Alex Andrea and Peter Weil, Fastlane has established itself as a market leader providing manufacturer approved repair services directly to luxury vehicle OEMs. In addition to this, Fastlane has established strong relationships supporting approvals for Rolls-Royce, Jaguar Land Rover, Mercedes-Benz AMG, Maybach, Brabus, BMW and Audi.

The experienced management team at Fastlane, which include Alex Andrea and Mark Hassan, will continue to lead the team, playing active roles in the business moving forward.

“As an extension to their work providing vendor due diligence, BDO provided financial and taxation due diligence services, alongside SPA advisory to Steer.  We found the BDO team responsive, diligent and valued their considered input to the transaction, producing high quality deliverables.  We would certainly recommend BDO to others.

The Fastlane transaction represents a key strategic acquisition for Steer and provides a presence across London and key surrounding areas with premium body shop repair capabilities.”

Paul Hawkes, M&A Director, Steer Automotive Group Limited

“We are delighted to have provided due diligence and SPA advisory support on the transaction and congratulate Steer Automotive Group Limited and the shareholders of Fastlane Paint and Body limited on the transaction.”

Matt Lister, Partner, BDO LLP

The BDO project team included:
Matt Lister, Ryan Biscomb, Mike Duncan, Alex Luker, Sophie Lamb (Financial due diligence)
Rosalind Payne, Callum Strachan (Tax) 
Laurence Mills (Forensics - SPA advisory)