A new UK investor has marked its first investment with the acquisition of Birmingham tech firm Fuelsoft.
Rose Street Partners, which has a mission to provide a ‘permanent home for enduring businesses’, has snapped up the software provider for the fuel distribution industry.
Rose Street says it provides an alternative exit option for founder and family-owned businesses and does not look to sell within a few years, as per the private equity model.
Fuelsoft was founded by David Kingsman and John Allen in 1982. Kingsman will remain on Fuelsoft’s board of directors.
“We couldn’t be happier with Fuelsoft as our first investment,” said Dan Skyte, founder & CEO of Rose Street. “Our goal is to invest in niche, market-leading businesses run by exceptional people and Fuelsoft fits that description perfectly.
“We are committed to preserving David and John’s legacy, and look forward to working alongside them, and Fuelsoft’s outstanding management team, to deliver the next phase of growth for the company and its loyal customer base.”
Kingsman added: “We are excited to partner with Rose Street as we embark on this new chapter. Their philosophy of long-term investment aligns perfectly with our own objectives, and it will enable Fuelsoft to further develop our products, empower our team, and provide the best possible service to our customers.”