5th March 2019
A new business which will see four motor firms merge to become one vehicle dismantling company headquartered in Doncaster has completed in a deal worth £100m.
Salvage and dismantling companies Doncaster-headquartered Motorhog, Cheshire-based Car Transplants, Gloucestershire-based FAB Recycling and Edinburgh-based DH Systems have completed their merger to create Synetiq, the UK’s largest motor dismantler in a deal valued at over £100m.
The business will employ over 450 people and anticipated year one turnover is £120m.
The merger deal is the result of 12 months of positive dialogue between the merger parties who have all experienced strong trading performance in the period to completion. The new business is market-leading, with significant capacity, scale, infrastructure, compliance and a uniquely integrated IT service. Synetiq has ambitious plans for further growth.
Tom Rumboll at TR Advisory provided advisory services to shareholders and transaction project management alongside KPMG who provided corporate finance, legal and tax advice to SYNETIQ on the transaction. Dow Schofield Watts provided Financial Due Diligence.