YFM has completed a significant investment in West Midlands-based Innovative Safety Systems (ISS), a commercial vehicle safety specialist.This represents the final new investment from YFM’s Buyout Fund I, with the second fund having already announced a first close.
ISS was founded in 2009 by CEO Gavin Thoday and the business has grown rapidly in recent years through its commitment to product innovation, exceptional customer service and expertise in the waste management sector where it is a market leader.
Based in Pershore, West Midlands, ISS currently employs 31 people and is dedicated to creating products that improve safety for vehicle operatives, fleet managers and the wider public. Through the deployment of multiple hardware solutions to commercial vehicles ISS support an improvement in driving standards and enable fleet managers to have increased visibility over their vehicles. Customers are able to have a more robust view of any accident information and leverage the data transmitted from the suite of hardware solutions to more effectively control their fleet and its safety.
The business has seen great success in developing new products using their own Intellectual Property and has several new product launches in the pipeline. It is expanding its core markets and targeting new sectors including the construction market, which will complement its existing client base of large fleet operators, local authorities and outsourced providers.
Charlie Robinson, partner at YFM, says: “We have been very impressed by Gavin and the rest of the ISS team. They have done a fantastic job in developing ISS to its current position and the business is now well-positioned to exploit growth opportunities across a number of markets with an expanding product and service portfolio, all against a backdrop of increasing importance of health and safety across all industries.
“YFM has a proven track record in partnering with similar growth businesses and supporting them to deliver their plans. ISS’ positive impact on safety for its customers resonates strongly with YFM’s approach. We look forward to working with ISS on the next stage of the company’s journey.”
Gavin Thoday, CEO of ISS, says: “ISS has grown significantly over recent years, driven by a number of ambitious innovations, delivering value enhancing solutions for our customers. As we seek to further develop pioneering new software projects that will provide fleet operators with a genuinely differential level of information and visibility, common across their whole fleet, the need for investment and a partner that could support our aspirations was critical. The partnership with YFM will support and accelerate these plans, along with providing additional and ongoing investment into our market leading aftersales service. One of the key drivers for partnering with YFM was a clear cultural fit and their appreciation of our ethos around customer excellence and the importance of ongoing innovation.”
Nick Gillott, Partner, Grant Thornton, says: “ISS is ideally positioned to achieve significant growth both domestically and internationally within current and associated markets, all underpinned by continued innovation and technology enablement. The investment by YFM will be hugely beneficial in accelerating this growth opportunity. I’m delighted for the team that we have secured a partner that has a strong cultural fit and clear alignment on their strategic direction and growth potential.”
YFM was supported by: Gateley (legal); Cooper Parry (financial due diligence); Fairgrove Partners (commercial due diligence); Stratton HR (organisational review); Turous (IT due diligence), Claritas (tax advisory) and Grant Thornton (Debt Advisory). The shareholders and Company were advised by Nick Gillott and his team at Grant Thornton, Freeths and Parisi Tax.