Mid-market private equity firm LDC has made a significant investment in Leeds-based Global Autocare (Global) to support its ambitious organic growth strategy.
The transaction will see LDC take a significant minority stake in the business, backing the existing management team.
Global is an independent corporate mobility and fleet management provider with an impressive track record for growth and a loyal customer base. The business has consistently delivered organic growth by over 20 percent year-on-year since 2010.
LDC’s support and investment will help the business to accelerate its national growth plans, building on its strong relationships with some of the world’s leading automotive manufacturers.
LDC is backing the existing management team, which will continue to be led by Founder and Managing Director Geoff Bloore, Finance Director David Sadler, Commercial Director Stephen Chater, Fleet Director Joe Bloore and Company Secretary Joanne Duncan. As part of the deal, John Walker will join the board as Non-Executive Chairman. He is a former private equity investor and has specific experience with fleet management firms.
Global provides unique fleet solutions to large and small-scale businesses across the UK. Its services include daily rental, contract hire, fleet management, mobility solutions, maintenance and repair, movements and storage. Global’s client roster consists of businesses with significant fleet requirements that operate across a diverse range of industries and its customers consider employee mobility a critical part of running their business.
The business is focused on providing flexibility to its clients and its GlobalFlex service combines the benefits of daily rental and leasing, without the drawbacks of high costs and long-term commitment. This innovative approach and meticulous customer focus means the firm manages each relationship uniquely. Rather than offering a one-size-fits-all solution they continue to deliver what the client and their business actually needs.
Global also proudly sponsors elite sports teams across the region, including Leeds United Football Club, Leeds Rhinos Rugby Club and the Tour de Yorkshire – the major international cycle race held in Yorkshire annually.
LDC’s investment was led by Dale Alderson, Dan Smith and John Garner.
Geoff Bloore, Founder and Managing Director of Global Autocare, says: “Our proposition responds directly to evolving client needs within the corporate vehicle hire sector. We are committed to offering flexible services that give customers greater control over their fleet management and access to the latest models from the world’s most sought-after automotive brands.
“We chose to partner with LDC for private equity investment due to the firm’s heritage and success in the region, supporting Yorkshire-based businesses looking to scale nationally and beyond.”
Dale Alderson, Director at LDC, adds: “Global Autocare is a fantastic example of a dynamic, homegrown business. It has used an innovative approach and an exceptional reputation for client service to become one of the region’s most exciting success stories.”
John Garner, Head of LDC in Yorkshire and the North East, adds: “Yorkshire continues to be a vibrant place to do business, but we know there is great opportunity for Global Autocare to grow even further and quicker across the UK. We’re looking forward to supporting the management team to achieve its ambitions for the future.”
The investment marks the third this year for LDC in Yorkshire and the North East, following investments in York-based business services provider Mosaic Fulfilment Solutions and Newcastle-based property services provider iamproperty. LDC has also continued its support for Linley & Simpson’s ambitious buy and build strategy, backing the management team to bring in nine complementary businesses to the group since June last year.
Global Autocare was advised by the corporate and banking teams at Squire Patton Boggs (legal), led by corporate Partner Paul Mann.
LDC was advised by Grant Thornton (corporate finance), Addleshaw Goddard (legal) and KPMG (due diligence and tax).
Nat West will continue to support the business as its incumbent senior lender.
