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February 23, 2015updated 12 Apr 2017 3:54pm

New investor and chairman for Tusker

Tusker, a company car scheme provider, has secured funding from private equity group ECI Partners, under a refinancing deal.

By Sotiris Kanaris

Tusker, a company car scheme provider, has secured funding from private equity group ECI Partners, under a refinancing deal.

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ECI Partners will become a major shareholder in the business, while previous shareholder Smedvig Capital – a venture capital firm – will exit.

The deal is part of Tusker’s ambitious growth plans which include a 30% increase to the size of its fleet of over 13,000 cars in the next twelve months.

The terms of the deal were not disclosed.

David Hosking, chief executive officer of Tusker, said: "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."

The company’s existing management team 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)," said Hosking.

This is the latest in a line of private equity firms buying stakes in companies involved in motor finance, including CV6 Limited buying a controlling interest in Frontline Solutions and Cabot Square Capital acquiring Blue Motor Finance.

 

Free Report
img

How attractive are current investment opportunities in Europe?

Europe has been identified as one of the most favorable regions for investors, seeing high investment activity in the past year. Most of these investments have been through Debt Offering, valued at close to $700 billion. The region has provided attractive investments in a diverse set of companies. Companies who tend to major themes such Digital Media, Cloud, Artificial Intelligence, E-commerce, and Big Data are recording the highest number of deals, with Digital Media recording close to 2,000 deals. However, GlobalData’s whitepaper offers a full view of the market, analyzing less successful or attractive points of investment as well, examining statistics on Equity Offering investments and PE/VC deals. Understand how government agencies for economies around the world use GlobalData Explorer to:  
  • Track the M&A and Capital Raising volumes into their target market
  • Identify the top sectors in the target market attracting the investments
  • For any investment segment, identify the top Investors inside and outside the target economy that are already investing in the Segment
  • Assess and showcase the growth potential for various Industries in the target economy
Don’t miss out on key market insights that can help optimize your next investment – read the report now.
by GlobalData
Enter your details here to receive your free Report.

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