N E W S
REDDE PLC TO ACQUIRE FMG
20 August 2015
FMG, the leading Yorkshire based incident and claims management specialist, has been acquired by Redde plc, one of the UK’s premier vehicle support service providers. As a management owned business, FMG was strongly attracted to the deal on a number of fronts; not least Redde plc’s ability to invest for the long term, further enhance the overall product and service offering to its customers and support FMG’s market leading multi-product digital platform development.
The FMG management team have invested a significant proportion of their equity into Redde plc shares, as part of that wider investment into the group’s future strategy and the ongoing development of its vehicle claims and support service solutions. This acquisition will see increased Group resources combining with FMG’s continued innovation and reputation for quality of service; to deliver a solid platform to further develop our end-to-end claims management and specialist vehicle recovery services in the UK. Andrew Cope, the former executive chairman will continue as a non-executive director, advising on strategy, supporting the management and developing the business. He is also investing significantly in the new group, alongside the FMG management team. All FMG’s existing management team including John Catling Managing Director of Commercial, Mark Chessman Managing Director of Operations and Rachael Nevins CFO, will continue as FMG’s business leadership team.
The deal signed on Wednesday is now awaiting final regulatory approval before completion. Andrew Cope commented ‘This is a truly exciting day in the long history of FMG. We strongly believe that marrying FMG’s people, knowledge and innovative capacity; to Redde plc’s long term investment and commitment to the vehicle claims market, will result in an outstanding service and technical proposition for our customers today, tomorrow and well into the future.
The shareholders of FMG were advised by Deloitte, led by Martin Jenkins and David Frith, Squire Patton Boggs, led by Jonathan Jones and Hannah Kendrick and KPMG, led by Steve Heath.
Martin Ward, Chief Executive of Redde said: “The addition of FMG to the Redde group supports our strategic objective of growing earnings on a sustainable basis and broadening the scope of services we offer which are related to our core businesses. FMG is a quality business and has a strong reputation in its fields of business for serving its customers well. We have worked together in the legal services arena for a number of years and this acquisition is a further step in strengthening Redde's proposition to its customers as we build on our recent successes".