PwC's Deals business has advised Halfords Group plc (“Halfords”) on the acquisition of a minority stake in TyresOnTheDrive.com (“TOTD”) – a high growth, disruptive, direct-to-consumer business.
Established in 2011, TOTD fits customers’ tyres at homes or at work, reaching 85% of the UK population, based upon an online platform that was developed in house by an experienced management team. Since its inception TOTD has achieved compound average sales growth of 92%.
In parallel with the investment, Halfords has entered into an operating agreement with TOTD which includes the opportunity for Halfords to trial a broader mobile delivery proposition for its motoring services.
The transaction is Halfords’ second in eight months, following its acquisition of Tredz Limited (“Tredz”) and Wheelies Direct Limited (“Wheelies”), specialists in the online sale of premium bikes and accessories, in May 2016.
Both transactions were advised on by PwC, providing Corporate Finance lead advisory services delivered by Matt Waddell, Amit Aggarwal and Krushi Hindocha.
PwC also provided Financial and Tax Due Diligence services led by Matthew Tombs.