Wed, 13 Mar 2019 | BUSINESS SALE
Prestige Fleet Servicing, a class-leading technology-led company which provides service, maintenance and repair services (SMR) to fleet and leasing companies, was sold to AA plc for a cash/debt-free value of £8.7 million.
The company’s last filed accounts to 31st March 2018 under the small companies regime showed net assets of £240,000. The current turnover and profits are not published. It seems the AA were more interested in the proprietary IP and technology of the firm.
Prestige has been providing service, maintenance and repair [SMR] facilities to the private motorist since 2005 and to fleets since 2007. It now undertakes over 120,000 SMR interventions a year. The firm is based in Melton Mowbray and will continue to be run by the existing management team. Smith Cooper Corporate Finance advised on the deal.
The Prestige business and its management team were targeted by the AA which described the acquisition as being “in line with our strategy to differentiate the AA through innovation and digital platforms” and as providing a “strong and profitable platform to strengthen its presence in SMR, working with fleet and leasing companies, and supporting OEM partners”.
Prestige's services are delivered via a network of some 400 independent garages with agreed labour rates.
The process is substantially automated through its proprietary software platform, UNITY, which provides real-time interfaces with a number of information sources such as parts suppliers, industry bodies and Government databases.
UNITY allows customers to book their vehicles in directly to service centre availability in the right place with the right technical capabilities. More than 80% of bookings are automated.
Validation of parts costs, labour rate, labour repair times, oil costs and quantity are also automated.
The service will be offered to current AA serviced fleets not using the Prestige network.
AA CEO Simon Breakwell said, ”Putting service, innovation and data at the heart of everything we do is key to our strategy.”
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