A Yorkshire based salvage and vehicle dismantling company has been acquired by a US group in a 拢225m deal.
IAA Inc, a global digital marketplace connecting vehicle buyers and sellers, has struck the deal to acquire Doncaster headquartered Synetiq Ltd.
Founded in 2019 from the merger of four entities, Synetiq provides salvage auction services for insurance companies, accident management companies, and other public and private sellers. It is also a seller of reusable parts that are taken from salvage vehicles and reissued into the automotive supply chain.
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Synetiq, which has 14 bases and 500 employees across the 海角视频, has been snapped up by IAA through its indirect wholly owned subsidiary IAA International Holdings Limited.
John Kett, chief executive officer and president of Illinois-based IAA, said: 鈥淲e are very excited about the acquisition of Synetiq. This transaction significantly expands our business in the United Kingdom from both a scale and portfolio perspective, supporting the overall IAA growth strategy.
鈥淪ynetiq鈥檚 management team and employees have done a tremendous job of using innovation to maximize value for their customers. We also know that reusable parts are increasingly of interest to 海角视频 insurers as they look to satisfy customer needs and meet their environmental goals.
鈥淪ynetiq鈥檚 focus and expertise in this area is a true differentiator that is consistent with our focus on sustainability in the 海角视频 market and beyond. We look forward to welcoming the SYNETIQ team to IAA.鈥
Tom Rumboll, chief executive officer of Synetiq, said: 鈥淲e are delighted and proud that IAA has recognized the great work the SYNETIQ team is delivering to change the vehicle recycling industry, and deliver optimized financial and environmental returns for our clients.
鈥淣ow we are presented a fantastic opportunity for continued growth supported by IAA鈥檚 global footprint, robust marketplace and innovation. From the proud and rich history of the businesses that formed Synetiq to what our team has achieved since, this is another milestone moment and the start of the next phase of an exciting future for our business.鈥
Under the terms of the agreement, IAA will pay 拢186m when the deal closes before the end of this month, with the remaining 拢39m dependent upon receipt of the merger control approval from the 海角视频 Competition and Markets Authority.
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