TeamSport Racing Ltd undergoes £9m management buy-out, with backing from Connection Capital
Deal sees founder Paul Wrightman exit the go-kart track operator
The management team behind go-kart track operator TeamSport Racing Ltd has successfully bought the company from founder Paul Wrightman.
The £9m management buy-out, backed by private equity firm Connection Capital and Neil Taylor, co-founder of GAME, in addition to bank debt from The Bank of London and Middle East (BLME), sees Wrightman exit the firm.
Having founded TeamSport in 1990, Wrightman is set to remain involved with the company in a non-executive capacity.
Led by managing director Dominic Gaynor, TeamSport's management team will now seek to expand on the company's existing nine UK venues, with the aim of managing 16 sites by 2016, through the acquisition of new and existing tracks.
Gaynor commented: “Now we have financial support in place, the next few years represent a fantastic opportunity for TeamSport to continue its growth across the UK.
“We are currently looking at some interesting acquisition opportunities, and have advanced plans for several new track builds later this year.”