What does the deal involve?
HgCapital has bought the business and all existing shareholders (management and LDC) have reinvested to the value of 20% of the new company.
Why has the deal been undertaken?
Our principle investors Lloyds Development Capital invested in the business back in 2008. Three to five years is a fairly normal holding period for private equity investments. Accordingly we have spoken to various interested investors and have been very impressed with HgCapital’s focus and clarity of thinking. We look forward to continuing to develop our business with the support of HgCapital as an ambitious new investor.
How will the executive management team change?
There will be no change to executive management; David Bird, Roddy Graham and the executive team will continue to run the business. The only change will be our non-executive chairman will step down to be replaced by Jon Walden as non-executive chairman.
What are HgCapital's goals with the deal?
HgCapital has shown great interest, knowledge and ambition for our sector. We look forward to enjoying HgCapital’s support as we continue to grow and develop our business.
What will it mean for customers?
No change – in essence we have simply replaced our old principal investor with a new one. All other aspects and management of the business remain unchanged.
What will it mean for the business going forwards?
Continued investment and support to help Leasedrive continue to grow and develop our business through on-going investment in people, products and systems.