PwC Midlands advises HORIBA MIRA on IDV deal

The PwC Midlands Deals team has advised HORIBA MIRA, a Nuneaton based global provider of automotive engineering, research and test services, with over 75 years of experience in developing some of the world’s most iconic vehicles, on a new partnership with IDV (formerly Iveco Defence Vehicles, a wholly owned subsidiary of Iveco Group). The deal sees IDV become majority shareholders in MIRA UGV, HORIBA MIRA’s Uncrewed Ground Vehicle (UGV) division. 

The venture will merge twenty years of pioneering experience collected by HORIBA MIRA in the use of remote control, teleoperated and autonomous vehicle technology in the defence sector. Based on its patented capability to navigate without GNSS, manage advanced off-road routing and self-identify and classify terrain and objects, when combined with IDV systems integration capability across a wide range of multi-terrain wheel or tracked platforms, the new partnership will develop state-of-the-art UGV solutions.

The move confirms IDV’s continuous focus on technological excellence and innovation to deliver the most advanced automotive and protection solutions to meet the evolving needs of military customers worldwide. This union of specialist technology leadership, design engineering, proven platforms and global production capability demonstrates their intent for the venture to take a market-leading position in the international UGV market.

The business will remain headquartered at MIRA Technology Park in the UK.

Dr. Geoff Davis HORIBA MIRA Chief Strategy Officer and HORIBA Automotive, Vice President - Strategy & Innovation - said: “IDV becoming the majority shareholder will help move HORIBA MIRA’s UGV platforms and technology to the next step of development, accelerating the technology roadmap and aiming to fulfil the growing and advanced requirements of the UK MOD and its allies.

“PwC has built a trusted relationship with us and their support and advice throughout the process was vital in helping us to achieve a great outcome for the UGV business. They were able to provide the global insight and reach we needed to find the right partner for the UGV division.”

Speaking about the deal, Darren Jukes, PwC Midlands Deals Partner, said: “This deal highlights the outstanding technology capabilities we have in the region. HORIBA MIRA’s UGV division is already positioned as a sector-leading company, delivering state-of-the-art Uncrewed Ground Vehicle solutions and the agreement with IDV will provide capital and capability to move HORIBA MIRA’s UGV platforms and technology to the next stage of development and production.

“We are delighted to have been able to support HORIBA MIRA on the transaction and look forward to seeing the partnership propel the business forward in what is estimated to be.”

Cara Haffey, PwC UK Automotive and Manufacturing Leader, commented: “Autonomous technologies are evolving rapidly across a wide range of sectors. It’s great to see the UK developing market leading solutions in this critical area and I’m delighted to have supported HORIBA MIRA on this important transaction.”