ISIS Equity Partners, investing funds from the Baronsmead VCTs, has completed a significant investment into the UK’s Carnell Support Services, a provider of specialist support services to
ISIS Equity Partners, investing funds from the Baronsmead VCTs, has completed a significant investment into the UK’s Carnell Support Services, a provider of specialist support services to the highways sector.
Based in Penkridge, Staffordshire, the business employs over 100 people and has two principle areas of operation; highways services and communication services.
The highways services division provides a range of maintenance services which improve the efficiency of drains and prolong the life of drainage assets across the strategic highways network.
Carnell’s services seek to improve road safety and performance of the road network by increasing the life expectancy of the road surface, reducing the incidence of standing water and reducing the need for costly traffic disruption all at a much lower cost than alternative solutions.
The Communication Services division focuses exclusively in the highways communications sector, providing services to the principal technology providers who work directly for the Highways Agency, maintaining communications and infrastructure and helping to develop and implement technology solutions.
Carnell was co-founded by Darren Nelson in 1992, who comments ‘This investment provides the perfect platform for Carnell to continue to innovate, grow and develop further. We have seen record growth that has seen the business double in size over the last 2 years, all of which is set to continue. ISIS are the right partner to assist Carnell and invest in its future plans to deliver services and new products to new and existing customers and move into new sectors. The management team are relishing the challenge of a very exciting opportunity.’
James Hall, who led the transaction for Isis comments: ‘Carnell is a fast growing, well positioned, innovative business in a sector that is forecast to grow strongly. The government is committed to making better use of the existing strategic highways network through the increased use of communication and telecommunications and Carnell are well placed to take advantage of this.’
Pete Clarke from Isis who originated the transaction having met Nelson in 2006, will join the Carnell board. The deal size is not being disclosed.
Isis currently operates from offices in London, Birmingham, Leeds and Manchester. Isis applies a research-led, sector-focused approach to investment in unquoted companies in the UK and across Europe.
Core areas of interest are: business services; financial services; consumer markets; healthcare & education; media and information technology. Isis typically invests in transactions where the transaction size is between GBP5m and GBP75m in value in companies with profits in excess of GBP1m (typical ISIS investment between GBP2m and GBP30m).
Isis invests funds on behalf of both institutional and retail (Baronsmead VCTs) clients.
Isis has funds under management of GBP726m as at end September 2007.
