Shareholders have approved Pinewood Technologies Group PLC’s £545 million sale to San Francisco private equity firm Ridgeview Partners.
The FTSE 250 firm is a Birmingham-headquartered tech provider to car dealerships and was formed out of the breakup of dealer group Pendragon. It is led by Florida-based Bill Berman (pictured).
The acquisition remains subject to the sanction of the UK High Court at a hearing which will be held on 7th October 2026. It is expected to become effective shortly thereafter.
Pinewood posted results this morning for the six months ended 30th June 2026.
Revenue grew 18.4% year-on-year to £23.2m, driven by new customers, cross-sell of products to existing customers and the impact of six months revenue from Seez, which it acquired in February 2025.
EBITDA was up 11.4% to £8.8m but profit before tax fell 13.6% to £3.8m. Cash at the period end was £23.9m, down from £30.3m six months ago.
Pinewood highlighted strong momentum towards its North America roll-out next year, with several agreements in place.
Back in February its shares nosedived from around £4.50 to below £3 after a £575m takeover by another US-based PE house Apax Partners fell through. By April it was hovering just above the £2 mark, although it has recovered to £4.46 today.
Apax blamed ‘prevailing challenging market conditions’ as software valuations fell around the world against a backdrop of advancing AI tools which more easily allow companies to develop their own tools.
However its board then agreed to a takeover offer from Ridgeview for £4.48 in cash per Pinewood.AI share – and shareholders have approved the deal.
“Pinewood.AI has made strong strategic and operational progress in the first half of the year as we continue to build the foundations for our next phase of growth,” said Berman.
“We have made significant strides towards our North American roll-out, with the first two Lithia US dealerships due to go live later this year, while continuing to successfully implement our system across Lookers’ dealerships in the UK. At the same time, we have continued to invest in and enhance the Pinewood.AI platform, including integrating a number of Seez AI products, which are already strengthening our customer proposition and contributing to the performance of the group.
“The recommended acquisition by Ridgeview Partners marks an exciting next chapter for Pinewood.AI. We believe Ridgeview will provide the investment, expertise and backing needed to accelerate our growth and make the most of the significant market opportunity ahead, particularly in North America.
“None of the progress we have made would have been possible without the continued hard work and commitment of our associates, and I would like to thank them for their contribution.”