Halfords Group PLC has announced that it has reached an agreement to sell a 5% minority stake in its Avayler business, Avayler Trading Limited, to Bridgestone Americas, Inc. for a consideration of USD 3 million. Avayler is a wholly-owned subsidiary of Halfords and provides automotive software as a service to the Group and other global mobility clients. The proceeds from the transaction will be used for general corporate purposes and to support the continued growth of Avayler. The transaction also establishes Bridgestone as a client of Avayler, becoming the latest global mobility client to use the Avayler platform.
Avayler was launched in July 2021 and is a software as a service (SaaS) provider for automotive companies that operate in multiple locations. It helps automotive businesses digitalize their services, from online customer booking to invoicing. Avayler's first customer was American Tire Distributors Inc., and it has since won contracts with Tirebuyer in the USA and Mobivia in Central Europe.
Under the transaction, Bridgestone will acquire a 5% stake in Avayler for USD 3 million in cash. Halfords and Bridgestone have also entered into a master commercial agreement, which has an initial term of 15 years, to establish Bridgestone as a client of Avayler. The agreement provides Bridgestone with access to Avayler's in-garage and van software products, as well as certain services to facilitate Bridgestone's use of it.
Graham Stapleton, CEO of Halfords, commented on the investment from Bridgestone, stating, "Todays investment from Bridgestone, one of the worlds largest mobility companies with over 3,000 garages and vans under its world-wide operation, is another fantastic endorsement for the platform, and the length and scope of the agreement fuels our confidence in Avaylers long-term potential as we continue to roll it out to more clients around the world."
Avayler had gross assets of £3,054,618 as of March 31, 2023, and generated a loss of £74,662 in the financial year ending March 2023.