Myhome Provides New Home for ChipsAway
One of the UK’s leading franchise organizations, the ChipsAway Group, has been acquired by Myhome International plc, the specialist group of home services franchises, in a $40million deal negotiated by Livingstone Partners.
Launched in the UK in 1994 and across Europe two years later, ChipsAway International is the dominant brand in the rapidly growing SMART (Small to Medium Area Repair Technology) automotive repair market. The revolutionary ChipsAway System allows high quality same-day repairs to be made to car bodywork scuffs, scratches, chips and minor dents, at a fraction of the cost of a traditional body-shop.
Shortly after the management team at Kidderminster-based ChipsAway and Barclays Ventures, their backers for the past four years, selected Livingstone to advise on their exit strategy, the company received an unsolicited approach from Myhome.
“Having assessed their proposal we agreed to give Myhome the opportunity to consumate a deal that would give an acceptable return to the management team and Barclays Ventures the exit they were seeking, as well as a fair price for the acquirer. I believe we achieved all those objectives,” says Eleanor Clow, Deal Leader at Livingstone.
ChipsAway Group Chairman, Roger Wild, comments: “We were extremely well supported by Livingstone Partners in reaching this deal, which is fantastic news for our franchisees and customers … as well as for the Myhome Group. No other franchise organization can offer such a strong range of business opportunities to would-be entrepreneurs, or the comprehensive portfolio of home and car care services to the growing number of ‘cash rich, time poor’ customers. Franchisees will benefit significantly from access to a massive combined customer database of qualified purchasers of these services across the UK and Europe.”
Executive Chairman and Founder of Esher-based Myhome International plc, Russell O’Connell added: “Since the acquisition of Myhome Clean in 2001, we have well understood the potential of premium residential services in the UK, and accordingly the Group has pursued a strategy acquiring other complementary franchises as part of our planned expansion. The addition of a flagship business like ChipsAway Group is an extremely exciting development for us and represents a quantum leap forward for Myhome.”
For further information contact:
T: +44 20 7484 4742