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The UK's number two car windscreen firm Auto Windscreens has been sold by Aviva to German private equity firm Arques.
Auto Windscreens, known for the past eight years as RAC Auto Windscreens, had been owned by Aviva for the past three years as part of its acquisition of RAC.
It employs 1800 people across 98 fitting centres, more than 600 mobile fitting units and the windscreen manufacture division and call centre based at the firm's Chesterfield HQ. All staff will move across to the new ownership.
Arques is described as specialising "in the restructuring and development of companies".
"I am confident that, being part of the Arques portfolio, we have the investment needed for us to drive forward in the marketplace," said Auto Windscreens managing director Abu-Haris Shafi. "My message to all customers and colleagues is that it is very much business as usual. Exciting times are ahead for Auto Windscreens and I am delighted that Arques will be working with us to achieve our vision of being the leading automotive glazing services provider."
The sale was for an undisclosed amount, although Auto Windscreens has assets valued at £40m.
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