Steer Automotive Group, a major UK accident repair business, has secured new investment from Oakley Capital as Keyhaven Capital Partners exits.

The agreement was signed in December 2023 with closing expected to take place in the second quarter of 2024

Steer is a key partner for the UK’s leading vehicle insurers, accident management companies and OEM dealerships. It’s seen significant growth since Keyhaven invested in 2021 alongside Chiltern Capital and the management team.

During Keyhaven’s three-year holding period, Steer established itself as a leading B2B automotive services platform, completing 18 acquisitions to create a network of over 100 repair centres across the country. The group has expanded from its core passenger car repair market into the adjacent markets of luxury car repair, commercial vehicle repair and technical services.

Steer now represents some 5% of the UK collision repair market, employs over 2,300 people and repairs more than 115,000 vehicles a year.

The agreement was signed in December 2023 with closing expected to take place in the second quarter of 2024.

Richard Steer, founder and CEO of Steer, said: “Over recent years we have built Steer into the UK’s leading automotive repair business, with major investments in the talent, technology, and systems required to serve the automotive Industry as it undergoes huge change. Both Chiltern and Keyhaven have been great supporters of our business and have been instrumental in delivering the growth we have achieved to date.”

Andrew Ware, partner at Keyhaven said: “When we invested in 2021, Steer was a regional B2B vehicle accident repair business with a strong local brand reputation. The business aligned with our investment strategy as it was at a clear inflection point for change; and it has since scaled its capacity, distribution network, and product portfolio to become an established industry leader in the UK market.”