Bridgestone to take 5% stake in Halfords' Avayler business

Bridgestone to take 5% stake in Halfords’ Avayler business

Time Stamp: November 1, 2023 7:33 AM
Source Node: 2360515

Halfords is selling a 5% stake in its automotive ‘software as a service’ (SaaS) business Avayler to global tyre giant Bridgestone which will see its roll-out across its 3,000 garages and vans in the United States.

Avayler which helps automotive businesses digitalise their services inclusing online customer booking and invoicing was launched by Halfords in July 2021, having been developed in-house to manage its garages, mobile vans and retail stores.

Since then, the platform has won a number of commercial contracts including American Tire Distributors, one of the largest independent distributors of replacement tyres market in North America. Since then, Avayler has won several significant contracts with operators including Tirebuyer in the USA and Mobivia in central Europe.

The deal will see Halfords, Avayler Holdings, Avayler and Bridgestone enter into a shareholders’ agreement which affords Bridgestone certain minority shareholder protections.

Under the agreement, which has an initial term of 15 years with certain break rights, Avayler will provide Bridgestone with access to Avayler’s in-garage and van software products as well as certain services including maintenance, development, implementation and support. 

Graham Stapleton, Halfords chief executive, commented: “Since its launch a little over two years ago, Avayler has been chosen by some of the largest automotive businesses in the world who have immediately realised the compelling value that it can add to their operations. Today’s investment from Bridgestone, one of the world’s 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 Avayler’s long-term potential as we continue to roll it out to more clients around the world.”

The deal will see Bridgestone acquire the stake in Avayler for US$3m in cash. Avayler had gross assets as at 31 March 2023 of £3,054,618, and generated a loss of £74,662.

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