New major shareholder and new Chairman to support ambitious future plans
ECI Partners has invested in the business, with the previous investors, Smedvig Capital, exiting after a highly successful relationship with the company.
ECI is one of the UK’s most successful private equity groups and specialises in investing in mid-market, high-growth companies. Commenting on the new financial structure, Tusker’s CEO, David Hosking said: “This is a very exciting time for us. The team at Smedvig have provided real and valuable hands on support throughout our growth years, and we are grateful for all of their input. Tusker is now a substantial business generating revenues in excess of £100m and we are excited to have ECI as our new partner. Their depth of experience and extensive level of engagement with our team will provide a great platform from which we can continue our exceptional growth.”
The existing management team of David Hosking (Chief Executive Officer), David Brockwell (Chief Financial Officer), Mark Sinclair (Chief Operations Officer) and Iain Carmichael (Chief Commercial Officer) will remain in place to continue to execute the highly successful strategic plan. They will be joined by the newly appointed Chairman Richard Prosser, who replaces Sir Trevor Chinn who is stepping down.
“We are very excited to welcome Richard to the team. He joins Tusker with a wealth of business to business experience gained in the travel industry (most recently as Non-executive Chairman of former ECI investment, CarTrawler). We would also like to extend our sincere thanks to Sir Trevor Chinn who has supported the company through its recent growth and has been instrumental in getting Tusker to this point” comments David Hosking.
The senior management team is supported by a growing employee base that is structured to put the customer first, and the focus on exceptional customer service will remain a core value of the business. Since launching its market leading salary sacrifice for cars product in 2008, Tusker now manages in excess of 13,000 vehicles and this figure is expected to increase by 30% over the next twelve months.
Rob Toms, Managing Director at Smedvig Capital, said, “Smedvig only invest in a small number of exceptional businesses each year, where we firmly believe in the team, the model, and the market leadership potential. We are proud to have worked with Tusker to build the salary sacrifice product and develop a clear market leadership position.”
Paul McCreadie, a partner at ECI, concludes: “The team at Tusker provides an excellent fit with ECI and we were particularly attracted by the company’s innovative and market leading culture. Tusker has an exceptional management team and we are looking forward to working together to continue to grow and develop the business.”
Notes to editors:
Tusker is a customer services focused company which manages fleets of cars for organisations within the public and private sectors, and is pioneering an easier and more cost effective way for employees to run a car via its salary sacrifice car scheme, SS4C.
As experts and leaders in the salary sacrifice vehicle leasing market, Tusker currently manages over 200 live successful schemes, and takes time to work with companies to fully understand their requirements and implement a robust, compliant and tailored salary sacrifice or company car scheme.
To see the Tusker website please visit: www.tuskerdirect.com
ECI is the UK’s leading growth-focused, mid-market private equity firm. Founded in 1976, it is one of the longest established and most successful private equity groups in the UK having raised a £500m tenth fund in September 2014. With offices in London and Manchester, ECI invests in management buyouts, buyins and development capital deals of growth companies valued between £20 million and £150 million.
Taking either a majority or a minority equity position, ECI partners with ambitious management teams in the TMT, Business Services, Industrials, Healthcare and Consumer sectors, and has sold over 95 investments with a total value of over £3 billion since 1990.
Recent ECI transactions in the TMT and Business Services sectors include investments in Investis, the leading independent global specialist in digital corporate communications; Citation, a leading provider of health and safety, Employment Law and HR services in the UK; ATG Media a global pioneer of webcast and timed on-line auctions; Encore Tickets a provider of theatre tickets and group bookings for London theatres; recent disposals include the sale of Wireless Logic, Europe’s leading independent Machine to Machine (M2M) managed services provider (sold to CVC Capital Partners), online car rental platform CarTrawler (sold to BC and Insight Venture Partners); and the sale of XLN Business Services, the leading telecoms provider to SMEs (sold to GSO Capital Partners, a division of the Blackstone Group).
ECI has a long track record of building successful businesses and continues to do so today as illustrated by the performance of its latest fund, ECI 9, which has experienced annual revenue and EBITDA growth rates (CAGR) to 31 December 2014 in the high teens.
For more information, please visit http://www.ecipartners.com
About Smedvig Capital
Smedvig Capital is a leading late stage venture capital fund investing £2-15m per deal in the UK and Nordics. It was founded in 1996 and to date has invested over £600m of internal capital. Smedvig has a strong-track record of working with ambitious teams building innovative businesses with the potential to become market leaders.
The team at Smedvig have a shared passion for working with entrepreneurs, and a common belief that deeper involvement leads to greater success. This is why we back just a handful of impressive teams and businesses each year, in order to commit time to working closely with management, providing on-going advice and hands-on support, and offering a set of complementary skills to management teams.
Recent investments include TrialReach, the world’s largest provider of clinical trial information; specialist home rental company, Vive Unique; global content creators, Quill; and Kings Court Trust, one of the leading specialist probate and estate administration firms in the UK.
Recent exits include Selstor, a leading Swedish self-storage business; Ocean Outdoor, the UK leader and innovator in spectacular and iconic out of home advertising sites; and UK car sharing club Streetcar, which was sold to global car sharing club Zipcar, and exited in 2011.