Derby-based ASG Group, an automotive aftermarket group, has been sold to Pendine Group, backed by Beach Equity Investors, in a deal managed by PKF Smith Cooper Corporate Finance.
ASG Group specialises in design, development, engineering and manufacturing of aftermarket vehicle accessories, which it supplies to global OEMs, trade customers and direct to the consumer under its brand Travall.
In addition to the B2C customer base, the Group continues to attract major clients from the automotive and industrial sector.
ASG’s trading roots go back to the 1950s when it was known as Alan Smith Garages. Retiring Chairman Peter Allman acquired Alan Smith Garages in 1987, renamed it ASG and began developing a comprehensive portfolio of automotive accessories, culminating in the business that appealed to Pendine.
The deal followed a decision by principal shareholders, who are now in their mid-80s, to secure their retirement plans and crystalise their investment in the Group.
PKF Smith Cooper Corporate Finance was appointed to provide pre-sale strategic advice on preparing the business for sale, identify buyers and project-manage the deal from inception to completion.
The sell-side advisory team was led by David Crump, Corporate Finance Director at PKF Smith Cooper, while Geldards provided legal advice.
David Crump said: “It’s been a privilege to work with the Allman family, and very rewarding to complete this transaction to help them achieve their objectives. We have also enjoyed working with Tom and the Beach Equity team to deliver a great deal for both the buyer and sellers and we look forward to seeing the ASG Group flourish under new ownership.”
Geldards Corporate Partner Debra Martin added: “Geldards were pleased to advise ASG Group on the sale of the business and provide guidance through this important next chapter in their journey which safeguards the growth of the Group for future years.”
Bruce Allman, who will continue in his role as ASG’s Managing Director, said: “Together with PKF Smith Cooper, we searched long and hard to find suitable new owners and believe we have made the correct decision to ensure stability and the continued success of the Group, as well as set it up for long term growth.
“I look forward to seeing ASG Group’s ongoing success as it continues to supply market-leading products to the automotive aftermarket with the same dedication to innovative engineering and high-quality British manufacturing as it always has.”
Tom Billings, Managing Partner of Beach Equity, said: “ASG will make a great addition to the Pendine Group. We would like to thank David and PKF for their support enabling a quick and efficient transaction.”