U.K. Piston Bidco Limited, a newly formed company indirectly owned by entities administered by Ridgeview Partners LLC, has completed its acquisition of Pinewood Technologies Group plc (Pinewood.AI), taking the UK automotive software business into private ownership.
The acquisition became effective on 9 October 2026 following High Court approval on 7 October and registration of the court order. Pinewood.AI is now a wholly owned subsidiary of Bidco under a scheme of arrangement pursuant to Part 26 of the Companies Act 2006.
Under the transaction terms, shareholders are entitled to receive £4.48 in cash for each scheme share, unless they validly elected the rollover alternative. Eligible shareholders choosing that option receive one rollover unit per share, subject to the scheme's minimum rollover percentage requirements.
Settlement of the cash consideration and issuance of rollover units is scheduled for no later than 23 October 2026. The announcement does not specify the aggregate acquisition value.
Trading in Pinewood.AI shares was suspended on 9 October. Cancellation of the company's London Stock Exchange trading admission and FCA listing was expected to take effect by 12 October, completing its transition away from public-market ownership.
The acquisition changes Pinewood.AI's ownership structure while providing shareholders with either cash consideration or, where eligible, an alternative allowing continued economic participation through rollover units.
Buyer / Parties: U.K. Piston Bidco Limited, indirectly owned by entities administered by Ridgeview Partners LLC
Target: Pinewood Technologies Group plc (Pinewood.AI)
Sector: Automotive software
Deal type: Public-to-private acquisition through a court-sanctioned scheme of arrangement
Value: Undisclosed aggregate value; £4.48 cash per scheme share, with a rollover alternative
Geography: United Kingdom
Identified advisers: 5
The transaction transfers Pinewood.AI from public-market ownership to a privately controlled structure administered through Ridgeview-related entities. The rollover alternative permits eligible shareholders to retain an economic interest rather than receive cash for their entire holdings. No specific operational expansion, investment programme or integration strategy was disclosed in the supplied completion announcement.
Buyer – Bidco and Ridgeview: RBC Europe Limited acted as exclusive financial adviser to Bidco and Ridgeview. H/Advisors served as PR adviser to Ridgeview.
Target – Pinewood.AI: Jefferies International Limited acted as financial adviser and corporate broker. Newcome Advisory served as lead PR adviser, while Headland acted as PR adviser.
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