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IAA, Inc. Announces Acquisition of SYNETIQ Ltd.

IAA, Inc., a leading global digital marketplace connecting vehicle buyers and sellers, announced it has signed an agreement to acquire the stock of SYNETIQ Ltd. (“SYNETIQ”), a leading integrated salvage and vehicle dismantling company in the United Kingdom, for £225 million. IAA, Inc. will acquire the stock of SYNETIQ through its indirect wholly-owned subsidiary IAA International Holdings Limited. 


  IAA, Inc. Announces Acquisition of SYNETIQ Ltd. p

Founded in 2019 from the merger of four entities, SYNETIQ provides salvage auction services for insurance companies, accident management companies, and other public and private sellers. In addition, the company is a leading seller of reusable parts that are dismantled from salvage vehicles and reissued into the automotive supply chain.

SYNETIQ has 14 locations and approximately 500 employees throughout the United Kingdom. The business has capabilities covering the entire salvage journey, from collection to vehicle auction or dismantling, and optimises vehicle value through parts and material recycling. For the 12 months ended  September 30, 2021, the business generated revenue of approximately £154 million. The transaction is expected to be immediately accretive to earnings per share.  

John Kett, Chief Executive Officer and President of IAA, said:

  IAA, Inc. Announces Acquisition of SYNETIQ Ltd. JK
John Kett

“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 maximise 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:

  IAA, Inc. Announces Acquisition of SYNETIQ Ltd. TR
Tom Rumboll

“We are delighted and proud that IAA has recognised the great work the SYNETIQ team is delivering to change the vehicle recycling industry, and deliver optimised 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.”  

Under the terms of the agreement, IAA will pay £186 million at closing, with the remaining £39  million contingent upon receipt of the merger control approval from the UK Competition and  Markets Authority (“CMA”). The final consideration to be paid is subject to working capital and other adjustments. The transaction will be financed through a combination of existing balance sheet cash and existing credit facilities. Closing is expected to occur by the end of October  2021. IAA and SYNETIQ will continue to operate independently in the market until clearance of the transaction is obtained from the CMA.  

XMS Capital Partners, LLC is serving as financial advisor to IAA. O’Melveny & Myers LLP and  Walker Morris LLP are serving as IAA’s legal advisors, and Deloitte LLP is serving as accounting and tax advisor. EY is serving as exclusive financial advisor to SYNETIQ, and KPMG Law and  Euclid Law are serving as their legal advisors.  



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Owain Griffiths

Owain Griffiths

Head of Circular Economy at Volvo Cars

Owain joined Volvo Cars in June 2021 to lead Circular Economy in the Global Sustainability Team. The company has committed to being a circular business by 2040 and has financial, recycled content and CO2 based targets for 2025, all of which Owain is working across the company to make happen. Owain previously worked for circular economy consultancy Oakdene Hollins where he advised businesses on evidence led circular economy implementation. 

Turning into a circular business and the importance of vehicle reuse and recycling.

The presentation will cover the work Volvo Cars is doing to achieve 2025 but mainly focus on the transformational work towards 2040 and the business and value chain changes being considered. Attention will be paid to the way vehicles are being dealt with at the end of life and the complexities of closing material and component loops. Opportunities and challenges which Volvo Cars is facing will be presented including engagement with 3rd parties and increasing pressure from stakeholders.

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e2e Total Loss Vehicle Management [e2e] is the UK’s only salvage and automotive recycling network with nationwide, environmentally compliant sites delivering performance resilience and service reliability to the insurance and fleet markets.  The network’s online salvage auction drives strong salvage resale values and faster sales.  e2e’s salvage clients have access to the network’s stocks of over 5 million quality graded, warranty assured reclaimed parts. 

The power of the network model means e2e has the ability to influence industry standards and is committed to continually raising the bar whilst redefining the role and perceived value of the salvage operator.  Network members adhere to robust service level agreements, against which they are audited, in order to ensure performance consistency and a market leading customer experience.  

The salvage and recycling operating environment is evolving rapidly, and e2e is anticipating, listening and responding to changing market needs.  Regulatory compliance, ESG, reclaimed parts, customer experience, EVs, new vehicle technologies, data and reputation risk are just some of many considerations linked to the procurement of salvage services.  e2e will drive further added value to clients and members through the adoption and application of emerging technologies, continuing to differentiate its proposition and position salvage services as a professional partnership. 

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