Tyres on the Drive secures strategic investment from Halfords
The deal sees Halfords acquire a minority shareholding in the business and comes with an operating agreement between the two parties that will create a number of initiatives enhancing the services and products available to their customers.
Bruce Macfarlane, MMC Ventures Managing Partner, commented: “It has been a privilege to work with the team at Tyres on the Drive as they have grown the business. We continue to be impressed with what they have achieved since we first invested and we see huge opportunities for this partnership with Halfords. As an early investor we have been a big supporter of the company’s ambitions and look forward to working with them as they continue to scale.”
Existing shareholders including MMC and True Capital also participated in the round. MMC first backed Tyres on the Drive in 2012, since then the company has achieved compound average sales growth of 92%.