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Impetus Automotive management completes MBO with ISIS support.


31 August 2012 a[euro]" UK private equity outfit ISIS Equity Partners has joined forces with the leadership of Impetus Automotive, helping it complete the management buy-out (MBO) of the business.

ISIS did not volunteer any details with regard to financial terms. Its investment will allow the Warwick-based company to continue its expansion, entering new markets and developing more new services.

Impetus specialises in sales and aftermarket support services for vehicle manufacturers. It counts among its customers the likes of Volkswagen AG (ETR:VOW), Toyota Motor Corporation (TYO:7203), BMW AG (ETR:BMW), Fiat SpA (BIT:F) and Ford Motor Company (NYSE:F). Impetus serves 25 automotive companies in Europe, South America, the Asia-Pacific and Russia, operating through a workforce of more than 250. Since 2010, the company has achieved revenue growth of 50%.

ISIS has invested money from the Baronsmead venture capital trusts (VCTs), the four funds it is responsible for managing. Lloyds Bank Wholesale Banking & Markets Acquisition Finance in Birmingham provided debt financing for the transaction.

David Gorvett, who led the management team during the MBO, will become chief executive of Impetus. Former majority owners Steve Allen, Phil Cowley and John Vize are taking their leave from the company. Odyssey Corporate Finance served as adviser to the management team.

ISIS associate director Charlie Robinson described Impetus as a high-quality business in a strong position to continue its expansion, both at home and abroad. ISIS is eager to work alongside Gorvett and his team and help them take the company to the next level, he said.Country: UKSector: Motor Vehicles, Business and Consumer ServicesTarget: Impetus AutomotiveBuyer: ISIS Equity Partners, Impetus Automotive managementVendor: Steve Allen, Phil Cowley, John Vize Type: LBO, MBOFinancing: Cash & DebtStatus: ClosedBuyer advisor: Odyssey Corporate Finance

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Publication:M & A Navigator
Date:Aug 31, 2012
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