A Melton Mowbray-based vehicle servicing company is under new ownership after being bought in an £11 million deal.
The award winning Prestige Fleet Servicing, which has offices at the Pera business park, in Nottingham Road, has been acquired by the AA.
The company will continue to be run by its current management team.
The purchase will strengthen the AA’s strategy to focus on business customers.
Prestige’s customers are primarily major fleet operators.
AA chief executive Simon Breakwell said: “We are delighted to acquire Prestige Fleet Servicing.
“The acquisition is in line with our strategy to differentiate the AA through innovation and digital platforms.
“Prestige Fleet Servicing is a profitable and growing technology-led supplier of servicing, maintenance and repair (SMR) and related added-value services, primarily to vehicle fleet and leasing companies and other large vehicle providers.
“This acquisition will allow us to take a strong operational model, supported by technology and utilise it across our own systems and the Prestige system to create a customer journey that is market leading.”
The Prestige Fleet services are delivered through a network of about 400 garages with agreed labour rates.
Customers ac cess the service through Prestige’s automated software platform.
The AA already works with more than 60 per cent of the fleet market, and many AA customers already use the Prestige network.
According to an AA trading update this week, business customers account for about 10 million of its 13 million members.
The AA, which expects to make pre-tax profits of £340 million for the year to the end of last month, says the new acquisition will deliver synergies and new revenue streams without significant capital expenditure.
No one from Prestige Fleet Servicing was available to comment on the sale.