RWK Goodman advises the owners of G&S Tyres Group on sale to Norvestor-backed Citira.
RWK Goodman has advised the owners of G&S Tyres Group on the sale of the business to Citira, a European tyre and vehicle service provider backed by Nordic private equity investor Norvestor.
G&S Tyres is a family-run commercial tyre services and retreading business serving London and the South East. Operating from a strategically located site in East London, the business employs approximately 45 people. Gary, James and Billy Short will remain involved in the business and will become shareholders in the Citira Group.
Citira is a Northern European circular tyre management and vehicle services provider, with operations in the UK, the Nordics and Poland. The acquisition expands Citira’s UK commercial service network and adds a state-of-the-art retreading facility in the London metropolitan area.
The transaction represents Citira’s latest step towards establishing a national UK footprint, following its acquisition of Redpath Tyres in Scotland and its entry into the UK market earlier this year through Tyrefix Group.
Freya Still, Senior Associate in the Corporate team at RWK Goodman, said:
“It was a pleasure to advise the Short family on the sale of G&S Tyres. They have built an impressive business with a strong reputation in the commercial tyre services sector, and this transaction provides a strong platform for its next stage of growth. We are delighted to have supported Gary, James, Billy and the wider family throughout the transaction and wish them and the G&S Tyres team every success for the future.”
James Worrall, Partner at RWK Goodman, added:
“G&S Tyres is a great example of the high-quality, founder-led businesses attracting investment from private equity-backed groups. We have significant experience advising on private equity transactions, acting for private equity investors and portfolio companies as well as business owners selling to private equity-backed groups, and it was particularly rewarding to use that experience to help Gary, James, Billy and the wider family achieve a successful outcome while remaining part of the business’s future.”
Gary Short, on behalf of the Short family, said:
“G&S Tyres has been a family business for many years, so finding the right partner for its next stage was extremely important to us. We are delighted to be joining Citira and to remain invested in the business as part of the wider group. James, Freya and the wider RWK Goodman team guided us throughout the transaction and gave us excellent support at every stage. We are excited about what the future holds for G&S, our employees and our customers.”
Oliver Johnson, Head of UK at Citira, commented:
“G&S Tyres has earned a strong reputation across the UK through its reliability, service quality and close relationships with the fleets and customers it supports. That reputation provides an excellent foundation for the next stage of growth. Following our acquisition of Redpath Tyres in Scotland, G&S is a further step in our ambition to build a national commercial tyre service network with the best people and businesses in the UK.”
The RWK Goodman deal team was led by James Worrall and Freya Still and included Rob O’Meara and Alicia Chown (Corporate), Layla Banfield (Real Estate), Tim Gofton and Charlotte Marshall (Employment).
Barnes Roffe, led by Daniel Wright, provided corporate finance advice to the sellers.
Citira was advised by White & Case and Deloitte.
