Business Description
- Management buy-in / buyout to this replacement glass business headquartered in Norwich
- Highway provided replacement glass, normally in emergency/distress situations, for both building and vehicles. Operating as a national franchise model.
Investment Rationale
- Backing a leading team with a proven strategy in a fragmented industry
- Potential market boost from regulatory requirements
- Strategy was to replicate Autoglass’ consolidation of the emergency vehicle glass market for insurance companies but predominantly for buildings
| Strategy/Value Creation
- Successful penetration of the UK insurance market as customers
- Buying in the franchise network to create a wholly owned group
Performance
- Turnover increased tenfold during the investment period and profits grew from a loss of less than £1m in 1996 to over £3.7m EBITA in 2002.
- Sold to the Homeserve division of South Staffordshire Group in July 2002 representing a return of 4x cost and a 31% IRR
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