Barclays Private Equity supports £66 million MBO/MBI of Camden Corporate Fleet Services
Barclays Private Equity, the pan-European mid-market private equity house, has acquired a majority stake in Camden Corporate Fleet Services Ltd (CCFS). BPE is investing £27m alongside the existing management team and current shareholders. Ian Wardle, who joins CCFS as Chief Executive, is also investing in the deal. The investment will be used to support CCFS’s growth plans in the sector.
Established in 1996, CCFS has grown to become a leading provider of services to large fleet customers, such as car rental firms and insurance courtesy cars. CCFS offers a range of services such as vehicle delivery, taxation and registration, in-life management, refurbishment and re-marketing of ex-fleet vehicles. CCFS also operates a number of new and used car dealerships across the Ford, Vauxhall, Nissan and Renault marques.
In June this year CCFS acquired rival fleet services provider Inchcape Automotive Ltd, giving CCFS a significant increase in operational capacity and providing a platform for future growth.
Commenting on the deal Anton Wellenreiter, Director of Barclays Private Equity, said: “The deal is an exciting opportunity to back the CCFS team and Ian Wardle, who together have unrivalled experience in this sector. We look forward to supporting their growth plans for the business, building on their impressive track record to date.”
Ian Wardle, newly-appointed chief executive of CCFS said: “I am looking forward to working with everyone at CCFS to build upon their success and to pursue new growth opportunities. CCFS has always been well-regarded within the industry and we are ready to take the company on to its next phase of growth”. Ian was formerly EMEA Chief Executive at Vanguard, which operates the Alamo and National car rental brands.
Advisers on behalf of Barclays Private Equity:
Price Waterhouse Coopers
Liberty Corporate Finance
£42m banking facilities are being provided by Landsbanki Islands hf and National Australia Bank Limited. p>
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