12:04 pm, August 19, 2026
Pinewood.AI has moved a step closer to going private after the automotive software provider recommended a £545m takeover bid to its shareholders.
In an announcement to the London Stock Exchange this morning, bosses recommended the deal, which would see ownership of the firm passed to US private equity firm Ridgeview, via a newly-formed company, UK Piston Bidco.
Under the terms of the deal, Pinewood.AI shareholders will receive £4.48 in cash for each share, valuing the business at around £545m.
They will also be given the option of swapping shares for a stake in the privately owned business, if they want to retain an interest in the firm.
The deal is still a way off being officially given the green light and still needs the approval of Pinewood.AI’s shareholders.
Car Dealer reported earlier this month that one of the outfit’s largest shareholders was preparing to vote against the takeover due to an ‘unprecedented’ clause in the deal.
According to a report in The Times, Harwood Capital, which owns 5.7% of the automotive software business, objected to preferential liquidation rights included in the proposed acquisition.
Despite this, the deal is still expected to be wrapped up by December 22, subject to necessary regulatory approvals.
Going forward, Ridgeview says it plans to work with existing Pinewood.AI chief executive Bill Berman and his team to help accelerate growth in both the UK and the US.
Berman told investors he was ‘extremely proud’ of what the company had achieved since it was formed as a result of Pendragon being sold to Lithia.
He said: ‘I am extremely proud of everything we have achieved since Pinewood.AI became a standalone technology business in 2024.
‘We have created a strong platform for future growth and we are confident in the significant global opportunities ahead, particularly in North America.
‘Realising the full potential of the business now requires continued investment, innovation and execution at scale, and we know that Ridgeview is the right partner to support us through this next exciting chapter.’
Chairman Ian Filby, added: ‘The original transaction that established Pinewood.AI as an independent company was founded on the board’s conviction that there was significant latent value within the business waiting to be realised.
‘Since then, management and the wider Pinewood.AI team have delivered exceptional progress, transforming the Company and creating substantial value for all stakeholders.
‘The board recognises that the next stage of Pinewood.AI’s growth requires a step change in technology investment and capital expenditure, particularly in data and product innovation.
‘The proposed transaction provides Pinewood.AI with the support of a well-capitalised and strategically aligned partner in RVP, while offering shareholders the ability to realise their investment in cash at a material premium to the current share price together with an opportunity to participate in the future growth and value creation of the business through the Rollover Alternative.
‘Having carefully evaluated the proposed transaction and its terms, the board believes it represents the best path forward for both the company and its shareholders and intends to recommend unanimously that shareholders vote in favour of the transaction.’
The proposed takeover would see Pinewood.AI leave the London Stock Exchange and become privately owned by Ridgeview.
The firm says it plans to provide the business with additional capital and expertise to support its next phase of growth, with a particular focus on artificial intelligence, data and its cloud-based software platform.
Hilton Romanski, co-founder of Ridgeview, said: ‘Pinewood.AI is a proven innovator and domain expert that has built a leading platform with unique technology that is well-positioned to expand into new and attractive markets.
‘We are confident that with Ridgeview’s backing, the team will be better positioned to realise Pinewood.AI’s full potential.’
Michael Hulslander, co-founder of Ridgeview, added: ‘Pinewood.AI has built a powerful, modern, end-to-end and AI-first platform that provides operators with the tools needed for the next-generation dealership.
‘Our goal is to partner with Bill and his team on their mission to help customers modernise their businesses.’