Pinewood Technologies, which makes cloud software for car retailers and manufacturers, agreed on 19 August to a 448p-a-share cash takeover by Ridgeview Partners that values it at about £545m.
Why Ridgeview Partners (U.K. Piston Bidco) is buying Pinewood Technologies Group plc (Pinewood.AI)
Ridgeview said private ownership would give Pinewood.AI capital, industry knowledge and operating support to speed up its growth, including expansion of its cloud platform across North America. Pinewood.AI's board said the next stage of growth required a step change in technology investment.
Deal terms and financing
The 448p price is a 43% premium to the undisturbed 314p close on 23 July and 64% above the three-month volume-weighted average. Shareholders could elect unlisted units in a Ridgeview-administered holding company instead of cash, up to a cap of £250m. Besides the directors, shareholders including Lithia, Newtyn and Working Capital gave irrevocable undertakings covering about 45.19% of the shares.
Regulatory approvals and timing
Shareholders approved the scheme at court and general meetings on 25 September. The court sanctioned it on 7 October, the scheme became effective on 9 October and the listing was cancelled on 12 October.
Market context
Pinewood.AI became a standalone technology business in 2024. In February, Apax Partners said it would not make an offer after disclosing a possible 500p-a-share approach in January.
