IAA signs agreement to acquire stock of Doncaster-headquartered SYNETIQ for £225m

IAA, Inc. will acquire the stock of Doncaster-headquartered SYNETIQ through its indirect wholly owned subsidiary IAA International Holdings Limited.

SYNETIQ provides salvage auction services for insurance companies, accident management companies, and other public and private sellers.

SYNETIQ has 14 locations and around 500 staff throughout the United Kingdom.

John Kett, Chief Executive Officer and President of IAA, said, “We are very excited about the acquisition of SYNETIQ. This transaction significantly expands our business in the United Kingdom from both a scale and portfolio perspective, supporting the overall IAA growth strategy.

"SYNETIQ’s management team and employees have done a tremendous job of using innovation to maximize value for their customers.

"We also know that reusable parts are increasingly of interest to UK insurers as they look to satisfy customer needs and meet their environmental goals. SYNETIQ’s focus and expertise in this area is a true differentiator that is consistent with our focus on sustainability in the UK market and beyond. We look forward to welcoming the SYNETIQ team to IAA.”

Tom Rumboll, Chief Executive Officer of SYNETIQ, said, “We are delighted and proud that IAA has recognized the great work the SYNETIQ team is delivering to change the vehicle recycling industry, and deliver optimized financial and environmental returns for our clients.

"Now we are presented a fantastic opportunity for continued growth supported by IAA’s global footprint, robust marketplace and innovation. From the proud and rich history of the businesses that formed SYNETIQ to what our team has achieved since, this is another milestone moment and the start of the next phase of an exciting future for our business.”

Support The Yorkshire Post and become a subscriber today. Your subscription will help us to continue to bring quality news to the people of Yorkshire. In return, you'll see fewer ads on site, get free access to our app and receive exclusive members-only offers. Click here to subscribe.