Nationwide: expansion funds ‘on hand’
Nationwide Accident Repair Services (NARS) has further expansion funding ‘on hand’ as a result of its partnership with Investec Growth & Acquisition Finance and Barclays.
Both Investec Growth & Acquisition Finance and Barclays supported the Carlyle-backed, NARS recent acquisition of DWS Automotive Repair Solutions Ltd.
Michael Wilmshurst, CEO, Nationwide Accident Repair Services, commented, ‘The facilities we now have in place give us the confidence to embark on a fresh cycle of growth, secure in the knowledge that the capital we need for further expansion through acquisition will be on hand exactly when required.’
The DWS acquisition builds on Investec’s existing relationship with Carlyle and Nationwide. In March, Investec and Barclays provided acquisition and revolving credit facilities to support the firm’s strategy to provide an enhanced service offering to its customers.
John Clifford, Investec Growth & Acquisition Finance, said, ‘We work in partnership with management teams that have a long-term plan for growth. Nationwide has a strong track record of successful acquisitions and we look forward to working with the company in the next phase of its growth alongside Carlyle, with whom we also have a long-standing relationship.’
Tim Mayes, Barclays relationship director, corporate banking, said, ‘Barclays is proud of our association with Nationwide. We have developed a close relationship with the management team and thorough understanding of their industry and markets and this has enabled us to further support the company with a finance solution that fits well with their strategic plans.’