Advising on the sale of Direct Tyre Management

We have advised the shareholders, including Palatine Private Equity, on the sale of the UK’s leading independent provider of outsourced tyre management services, Direct Tyre Management (DTM) in a secondary buy-out by Caledonia Investments.

Caledonia, a FTSE-250 self-managed investment trust company has bought the majority stake in DTM. Palatine originally secured its majority stake in October 2020 through its acquisition of NRG Group, which consisted of DTM and specialist fleet solutions provider NRG Riverside.

Since 2004, Blackpool-based DTM has supported fleet operators by offering outsourced tyre management services. With a network of over 2,200 tyre management providers and locations, the business has doubled its revenue over the last two years and is the leading tyre management business in the UK.

Our corporate team, led by partner Rebecca Grisewood and assisted by partner Kate Richards and associate Adam Noble, advised on the sale to Caledonia Investments.

Rebecca Grisewood commented: “We have worked closely with Direct Tyre Management for a number of years and are delighted to have advised on the next stage of the company’s evolution through the sale to Caledonia Investments. Palatine has supported DTM over the last four years to maintain a consistently positive business outlook that will set it up for continued success and significant growth potential moving forward.”