Fix receives major backing
Fix Auto UK has welcomed the news that Fix Auto World has secured a multi-million dollar investment from one of the largest private equity companies in North America.
The announcement follows Fix Auto Canada’s publication that it has partnered with La Caisse de dépôt et placement du Québec to help further accelerate its global expansion of its network.
Steve Leal, owner of Fix Auto World, said, ‘Having a long-term financial partner gives us the agility that we need to achieve our aggressive growth targets. Having the Caisse on board is a major vote of confidence in the Fix Auto network.’
Ian Pugh, of Fix Auto UK, said, ‘This is arguably the most important strategic move in the history of Fix Auto and positions us perfectly as the only true international repair network. Partnering with one of the world’s largest private equity investment operations underpins our future strategy for growth and acquisition.’
The $8.2M (Canadian) investment comes in the form of both equity share purchases and subordinated debt, and will be split between Fix Auto’s Canadian and international operations, to help accelerate growth through strategic acquisitions and investments.
Ian added, ‘The Caisse was created in 1965 and since then it has grown its status as an internationally renowned leading institutional investor. As one of the largest institutional fund managers in Canada and North America, at the close of 2014, it held shares in more than 4,000 companies around the world and recorded net assets totalling $225.9 billion. Incredibly, the company is also one of the 10 largest real estate asset managers in the world.’