Palatine-backed TTC Group has completed the bolt-on acquisition of licence checking and document verification business Licence Bureau.The strategic acquisition sees TTC Group broaden its corporate fleet customer base and further strengthen its compliance capability within its proprietary technology platform, Continuum.
Founded in 2003, Licence Bureau provides licence checking and document verification services for SMEs and large corporates. The company has one of the UK’s largest corporate fleet client bases, with more than 1,400 companies utilising its services, including over 20 per cent of FTSE 100 companies. From its base in Hemel Hempstead, the company has completed more than 4 million UK driving licence checks.
Telford-based TTC Group provides fleet management and compliance solutions in its corporate division. The business has seen strong growth in the number of drivers on its driver risk management software platform, Continuum. This platform provides the complete lifecycle of compliance, administration and driver risk management services, reducing fleet costs and improving driver behaviour. As part of the deal, the corporate fleet division of TTC Group will move to Hemel Hempstead to support the wider group’s fleet risk management activities.
In 2017, mid-market investor Palatine Private Equity backed a management buyout at TTC Group, led by CEO Jim Kirkwood. Since this, the firm has seen revenue growth of more than 36 per cent.
Funding for the transaction was provided by Santander and HSBC. TTC Group was advised by Gateley, Clearwater International Debt Advisory, BDO and RP Advisory.
Jim Kirkwood, CEO at TTC Group, says: “Licence Bureau has been a business I have admired for many years, and this acquisition could not come at a better time for both companies. Our business models complement each other perfectly, and the deal will enable us to provide a higher quality service to existing clients and give a wider offering of products to new customers. I look forward to working closely alongside our partners at Licence Bureau as we continue to expand.”
Malcolm Maycock, Managing Director at Licence Bureau, says: “I am proud of the journey that the Licence Bureau business has gone on over the last 2 decades, becoming the UK’s leading provider of licence checking and document verification.
“This transaction comes as the industry stands on the cusp of real business change, driven by new technologies and demand from clients for deeper insights into their driver population. TTC Group has seen the potential in these markets and working together will enable Licence Bureau to expand its horizons and become part of the UK’s leading education provider.”
Richard Thomas, Senior Investment Director and Head of Palatine’s Midlands office, says: “Palatine has a strong track record of buy and build strategies with our portfolio and acquisitions were identified as a key area of focus for our initial investment in TTC Group. Licence Bureau represents the second acquisition for TTC Group following the acquisition of Business Driver in 2019 and significantly expands the product offering and customer base in its growing corporate division.”
