Private equity investor Foresight Group has backed a management buyout at Trak Global Security Solutions.
TGSS is a stolen vehicle security services provider to the car rental and flexi-lease sectors. It combines telematics hardware, software and service components, and claims to achieve vehicle recovery rates of 90% versus competitor recovery rates of 28%.
Foresight has backed the Crewe-headquartered firm with £9.75 million from its regional growth and buyout fund focused on North West-based businesses.
TGSS is being carved out of a larger group, with the new entity being led by Dave Turnock and Andy Christopher. Turnock, who has significant industry experience and has been with TGSS for more than 10 years, will lead the company as managing director. Christopher, who brings a wealth of experience and contacts from a 30-year career in the industry, has been appointed as CEO.
They will be supported by Dave Shepherd as chair and two non-executive directors in Mark Ward and Alan Cottrill, former founder of Trak Global Solutions.
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Foresight plans to grow the firm’s offering throughout the UK and overseas.
“We are delighted to support TGSS on its next stage of growth and are pleased to back a strong management team, whom we have every confidence will drive a leading business in the sector,” said Chris Wardle, managing director at Foresight.
“This is a substantial market and the management team has identified several growth opportunities that, with the right focus and support, can be realised quickly.”
Christopher added: “This is an exciting time for our team and our private equity partners. We have ambitious plans to both increase our current market share and seek growth opportunities in new geographical markets and industry sectors.”