Halfords has announced the purchase of tyre and automotive servicing company Axle Group Holdings Ltd (National) for a total consideration of £62m.
The consideration will be paid in cash on the date of completion, which is expected to be 9 December 2021.
A further investment of £17m will be made post acquisition on “associated capital expenditure” and £2m on integration costs.
The acquisition will aim to accelerate Halfords’ motoring services strategy surpassing its current target of 550 garages and 200 consumer vans.
Post-completion of the deal, Halfords will have approximately 604 garages, 234 consumer vans and 190 commercial vans. Including retail stores, this will mean a combined total of over 1,400 fixed or mobile motoring services locations.
Graham Stapleton, CEO of Halfords, said: “This acquisition helps cement our position as the UK’s largest vehicle service, maintenance and repair business.
“This increased scale will bring the majority of UK-mainland motorists within a 20-minute drive of a Halfords garage, with even more vans available to provide mobile services at their home or work.”
He added: “I am very excited about our future growth prospects, and I look forward to welcoming the new teams to the business.”