Motorhome manufacturer cruises to exit
Autocruise, the motorhome manufacturer, has been bought out in a deal worth £13m.
Inflexion Private Equity has taken a majority stake in the business following its investment of £5.9m.
The deal, initiated by McInnes Corporate Finance and introduced to Inflexion by BDO Stoy Hayward, includes a loan of £8.5m provided by The Royal Bank of Scotland.
As a result of the deal, Catherine Richards and Tim Smallbone who led the transaction on behalf of Inflexion, will be taking seats on the Autocruise board.
John Hartz, managing partner of Inflexion Private Equity, said: “We have been impressed by Autocruise’s competitive edge in the motorhome industry where they are clearly a high quality operator in a growing market environment.”
Autocruise, founded in 1988 in South Yorkshire, produces a wide range of high tech motorhomes and is regarded one of the leading manufacturers in the UK.
The company has won numerous awards and now has 140 employees.
Joe Anwyll, managing director of Autocruise said: “Autocruise is a strong brand synonymous with quality, design innovation and superior service delivery which we plan to build upon even further in the future.”
The motorhome market in the UK has been growing steadily for the past decade; in 1994 around 3,500 vehicles were produced but by 2005 this had grown to 8,800.
Industry forecasters predict that it will continue to grow by at least five percent in the next three years, driven by an increasingly ageing yet affluent population.
© Crimson Business Ltd. 2006