Derby-based ASG Group, a prominent automotive aftermarket group, has recently been acquired by Pendine Group, with the support of Beach Equity Investors. The acquisition process was skillfully managed by PKF Smith Cooper Corporate Finance.
ASG Group is widely recognized for its expertise in the design, development, engineering, and manufacturing of aftermarket vehicle accessories, supplying to global OEMs, trade customers, and directly to consumers under its brand Travall. Moreover, the Group has consistently attracted major clients from the automotive and industrial sectors, in addition to its strong B2C customer base.
The origins of ASG Group can be traced back to the 1950s when it operated as Alan Smith Garages. Under the leadership of retiring Chairman Peter Allman, the business was rebranded as ASG in 1987, expanding its portfolio of automotive accessories and capturing the attention of Pendine Group.
The decision to sell ASG Group was made by the principal shareholders, who are in their mid-80s, as part of their retirement plans and investment goals. Consequently, PKF Smith Cooper Corporate Finance was engaged to provide pre-sale strategic advice, identify potential buyers, and oversee the transaction process from start to finish.
David Crump, Corporate Finance Director at PKF Smith Cooper, expressed his satisfaction with the successful completion of the transaction, emphasizing the privilege of working with the Allman family, and the rewarding experience of helping them achieve their objectives. In addition, Geldards provided valuable legal advice during the process.
Debra Martin, Corporate Partner at Geldards, also conveyed the firm’s pleasure in advising ASG Group on the sale and guiding them through this significant transition. The sentiments were echoed by Bruce Allman, who will continue in his role as ASG’s Managing Director, as he expressed confidence in the new ownership and the future growth and success of the Group.
The acquisition was equally welcomed by Tom Billings, Managing Partner of Beach Equity, as he acknowledged the support of David and PKF in facilitating a smooth and efficient transaction, ensuring a positive outcome for both the buyer and sellers.
The future of ASG Group looks promising under the ownership of Pendine Group, as they continue to uphold their commitment to supplying market-leading products to the automotive aftermarket, built on a foundation of innovative engineering and high-quality British manufacturing.
In conclusion, the acquisition of ASG Group by Pendine Group signifies a significant milestone in the development of the automotive aftermarket sector, laying the groundwork for continued growth and success in the years to come.