Accident management company, FMG, that manages around a quarter of a million vehicles, has been has been bought by Redde for £43.2m.
Redde, previously rivals of FMG, has acquired the business as a result of a management buyout headed by Andrew Cope, who was previously at Zenith.
FMG has stated that it “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 management team at FMG have invested a large proportion of their equity into Redde plc shares, in a bid for the group’s future strategy and the ongoing development of vehicle claims and support service solutions to continue.
The entire existing FMG management team will remain, including managing director of commercial, John Catling, managing director of operations, Mark Chessman and Rachael Nevins CFO, will continue with FMG’s business leadership team.
