London-based VCT manager ISIS Equity Partners has led the management buyout of Impetus, a consultancy that supplies sales and aftersales support services to the automotive industry.
The Warwick, UK-based business offers programmes and projects for vehicle manufacturers, with much of their work taking place within dealerships and national sales companies.
The company has a team of over 250 employees working with 25 vehicle manufacturers across the UK, mainland Europe, Asia Pacific, South America and Russia.
Revenues have increased by 50 per cent since 2010.
Clients include VW, Land Rover, Audi, Toyota, BMW, Citroen, Fiat, Ford and Jaguar, and around 15 per cent of work is already delivered outside of the UK.
The investment will support Impetus in its continued expansion into new markets, building on the presence the company has already established in the UK and further development of new services.
The management team led by David Gorvett, who will now assume the role of CEO, have increased their equity stake through the buyout.
The majority owners prior to the deal were Steve Allen, Phil Cowley and John Vize, who are now stepping back from the business after achieving their exit.
Debt funding was provided by Lloyds Bank Wholesale Banking & Markets Acquisition Finance.
The MBO team was advised by Odyssey Corporate Finance.
Financial terms of the deal were not disclosed.
?Impetus Automotive is a high quality business that is well positioned for expansion, both in the UK and overseas,? said Charlie Robinson at ISIS Equity Partners.
?We are very much looking forward to working with David and the team as they continue to focus on the needs of their clients and support them in taking the business to the next phase of its growth.?
Equity for the deal was provided by ISIS? Baronsmead VCTs, which closed earlier this year with aggregate commitments of ?16.54m.
Copyright ? 2012 AltAssets
Tags: automotive, business services, ISIS Equity Partners, private equity, VCT
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