BDO advises on cross-border sale
Accountancy and business advisory firm, BDO LLP has advised Vehicle & Asset Solutions Ltd (VAS) on its cross-border sale to French private equity-backed company, Auxiga Group.
The Midlands Business Services team acted as merger and acquisition (M&A) adviser to the shareholders of VAS, which was acquired by inventory and asset control/inspection service group, Auxiga in the deal.
The team was led by Satvir Bungar (pictured), head of facilities sector M&A at BDO.
VAS specialises in the provision of outsourced independent vehicle and asset audits, governance and risk control services.
These include physical stock and digital audits, specialist audit services, such as manufacturer and fleet, together with vehicle recovery services.
It is the largest player in the UK, carrying out 72,000 audits per year by 110 auditors.
Satvir commented: “VAS has developed a strong reputation as a market leader in vehicle and asset auditing to the finance and banking sectors.
“In recent years, VAS has been collaborating on multinational tenders with Auxiga group, which operates various subsidiaries dedicated to providing services comparable to the VAS business.
“The cross-border sale brings together many strategic benefits for the combined companies, to create and deliver a truly pan-European range of audit services to current and future clients. The international expansion is one of Auxiga Group 's strategic ambitions, growing its presence across the UK, Ireland, France and the Benelux.
“The acquisition will also provide Auxiga with access to VAS ' innovative IT solution, considered among the best in the market, that will enable them to carry out physical audits of dealers or distributors, as well as audits carried out directly by dealers ( “self-audits ”). ”
In 2018, BDO was lead adviser to the shareholders of Asset Solutions Group on its sale to management in an MBO backed by private equity investor LDC, which included the Vehicle & Asset Solutions Ltd subsidiary.
Retail & Asset Solutions - the remaining part of Asset Solutions Group - is unaffected by the latest deal.
Satyir added: “VAS is a divisional sale out of this group, so we are delighted to have advised on this strategic follow-on sale to Auxiga Group.
“This prominent cross-border transaction is one of a significant number of deals completed by the UK team across the globe in the facilities sector, establishing BDO as the most active global mid-market deal adviser. ”