Insider Media Limited

Who?
Retailer Halfords, based in Redditch.

Did what?
Has expanded into the £9bn car servicing and repair market via a £73m acquisition of Solihull’s Nationwide Autocentres.

What does this mean?
Nationwide has 224 outlets nationally and offers motorists car servicing, MOTs and repairs. Following the takeover, Nationwide will be re-branded as Halfords Autocentres, and the roll-out of a further 200 centres is planned, creating as many as 1,000 jobs. Nationwide’s management team will join the enlarged group. The acquisition was completed on a debt-free basis, having been funded from Halfords’ existing resources. David Wild, chief executive of Halfords, said: “Our expansion into the adjacent car servicing and repair market is an exciting and logical move. Car maintenance is a large and highly attractive sector where there is increasing demand from motorists for reliable service at affordable prices. Nationwide is a high-quality business and represents an opportunity for significant growth.”

Who advised?
PricewaterhouseCoopers advised Nationwide, as did North West law firm Brabners Chaffe Street.

Insider comment:
Matt Waddell, head of corporate finance at PricewaterhouseCoopers in the Midlands, who advised Nationwide on the deal, said: “This is a highly significant deal involving two prominent Midlands businesses, which will boost the regional deal market and give heart to private equity investors.”