Phenna

One of the fastest growing TICC groups globally.

Phenna continued to perform ahead of our investment case, seeing meaningful end-market diversification into areas such as Food & Pharma, which is a new division added under our ownership. Over the past year, we have made good progress building out the senior team ahead of plan. Founder Paul Barry continues to lead the business as Executive Chair but is now supported by Phil Marshall as CEO (former Portfolio & Finance Partner Hg Capital), Robert Rostas as CFO (former CFO of Inspired Education) and Jon Harrison as Head of M&A (former MD at Houlihan Lokey). Phenna’s M&A momentum remains very strong, with the group completing six acquisitions in the six-month period, at an average entry multiple of <6x. The pipeline for the second half of the year remains healthy with a number of opportunities in due diligence.

Steer Automotive

The UK's leading B2B automotive services platform.

Steer Automotive, acquired in April 2024, is the UK's largest and fastest-growing independent collision repair group. Founded in 2018 by serial entrepreneur Richard Steer, Steer Automotive has expanded primarily through acquisitions to establish a network of approximately 100 repair centres as at the time of Oakley signing the transaction. The group facilitates repairs through its core passenger car and prestige repair centres, luxury brand centres and commercial vehicle locations. Steer’s M&A momentum remains strong with two acquisitions completed in the first three months of Oakley’s ownership to June 2024, with a further four acquisitions completed post period end. This takes Steer's total site count to >190, vs 100 at acquisition.

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