Birmingham team advises on £225m sale of salvage firm
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Advisers from EY in Birmingham have advised on the acquisition of a salvage and vehicle dismantling company by a US group in a £225m deal.
IAA Inc, a global digital marketplace connecting vehicle buyers and sellers, has struck the deal to acquire Doncaster headquartered Synetiq Ltd.
Founded in 2019 from the merger of four entities, SYNETIQ provides salvage auction services for insurance companies, accident management companies, and other public and private sellers. In addition, the company is a leading seller of reusable parts that are dismantled from salvage vehicles and reissued into the automotive supply chain.
It has 14 locations and approximately 500 employees throughout the UK.
For the 12 months ended September 30, 2021, the business generated revenue of approximately £154m.
Dan Salt, led EY’s Midlands-based strategy and transaction team advising the SYNETIQ shareholders on the sale to IAA.
He said: “We’re delighted to have supported the shareholders on the sale, helping to secure a unique position for SYNETIQ with new ownership. SYNETIQ are a UK-wide business, and as a leader in integrated salvage and vehicle recycling, will now have an opportunity to explore new markets and opportunities as part of its integration into a global business.
“This was a complex deal and a huge team effort to bring about a successful conclusion. We’d like to congratulate the shareholders on a successful exit and wish the SYNETIQ team every success in its next phase of growth following the transaction.”