Following approval by the High Court of Justice of England and Wales, NARS has made an application to the London Stock Exchange for the cancellation of the admission to trading on AIM of, and cessation of dealings in, NARS Shares.
Equity for the investment will come from Carlyle Strategic Partners III, a global special situations and corporate opportunities fund.
With accident repair centres located throughout the United Kingdom, NARS is the largest dedicated provider of accident repair services in the UK and has relationships with a number of motor insurers, including R&SA, Aviva, Equity Red Star and Zurich. It also provides its services to fleet operators.
Ian Jackson, Managing Director and Co-Head of Carlyle Strategic Partners, said, “We are pleased to have closed this transaction and will now work closely with the management team on their plans to grow the business nationally. Our extensive experience in working with businesses in this sector, including the Service King repair business in the US, means we are well placed to support management.”
Michael Wilmshurst, Chief Executive Officer of NARS, said, “We are delighted to be working with Carlyle as we look to move the business forward. The strong, long standing, customer base and modern integrated repair capability, alongside the expertise of the Carlyle team offer great growth potential for NARS. Together we intend to broaden and expand our offer, creating a fully integrated, deployment, repair and mobility solution for both our customers and theirs.”