Halfords Group plc (LSE:HFD) signed a sale and purchase agreement to acquire Axle Group Holdings Ltd. from Alan Revie, Joan Revie, John Taylor, Julie Taylor and John Caldwell. for £62 million on December 1, 2021. The Consideration will be paid in cash on the date of completion.

As of December 3, 2021, Halfords has raised £63 million by selling new shares to fund its acquisition of Axle Group. A further investment of £17 million will be made post acquisition on associated capital expenditure and £2 million on integration costs. The gross asset value of Axle Group Holdings as at 30th December 2020 was £74.1 million.

The profit before taxation of Axle Group Holdings for the year ended 31st December 2020 was approximately £0.04 million. The revenue of Axle Group Holdings for the year ended 31st December 2020 was approximately £157.7 million and EBITDA was £3.0 million. The completion of the transaction is expected to be December 9, 2021.

Iain Sutherland of Dentons UK and Middle East LLP acted as legal advisor to Axle Group Holdings Ltd. Slaughter and May is acting as a Financial Advisor to Halfords Group plc.