Company car scheme provider Tusker secures funding from ECI Partners
Refinancing deal sees previous investors Smedvig Capital exit as Tusker looks to achieve next phase in growth
Tusker, a leading salary sacrifice and company car scheme provider, has secured “major” funding from private equity group ECI Partners, as part of a refinancing deal which sees previous shareholder; venture capital firm, Smedvig Capital exit the business.
The deal, the exact figures of which are not disclosed, is said to mark the next step in Tusker’s “ambitious growth plans” and sees ECI become the majority shareholder.
Based in Watford, Tusker manages fleets of over 13,000 cars for companies within both the public and private sectors and has over 200 live successful schemes.
The company’s new financial structure will see Richard Prosser join the company’s board as chairman, replacing Sir Trevor Chinn, while the existing management team will remain in place.
With revenues in excess of £100m, the car scheme specialist now intends to enter the next “phase of growth” as Tusker CEO, David Hosking, explained:
“This is a very exciting time for us. The team at Smedvig have provided real and valuable hands on support throughout our growth years, and we are grateful for all of their input.
“We are excited to have ECI as our new partner. Their depth of experience and extensive level of engagement with our team will provide a great platform from which we can continue our exceptional growth.”
Rob Toms, Smedvig Capital managing director, said, “Smedvig only invest in a small number of exceptional businesses each year, where we firmly believe in the team, the model, and the market leadership potential.We are proud to have worked with Tusker to build the salary sacrifice product and develop a clear market leadership position.”
Paul McCreadie, a partner at ECI, concluded:“The team at Tusker provides an excellent fit with ECI and we were particularly attracted by the company’s innovative and market leading culture.”