Innovation Group buys German windscreen repair network

Insurance software and outsourcing solutions provider The Innovation Group plc has acquired Wintec, a German franchised windscreen repair network, for up to €3m.

Innovation will pay an initial €1.25m cash followed by a further €1.25m payable on April 1.

An additional €0.5m cash payment will depend on Wintec's post-tax profit in the year to September 2013.

CEO Andy Roberts said, 'Wintec is Germany's market leader for repair quality, service quality and average repair cost, which is reflected in the strength of its trading.

'Its nationwide coverage and technical expertise combined with Innovation Group's strong relationship with the insurance industry will enable us to significantly accelerate our penetration of the large and growing market for windscreen replacement and repair in Germany, where there are more than 2.5m windscreen claims annually alone.'