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TTC Group has been sold by Palatine Private Equity to the company’s management team with investment from Pricoa Private Capital.
Almost two thirds (65%) of the risk management, compliance, and road safety training provider will become management and employee owned under the new funding arrangement with the remaining 35% held by Pricoa.
Jim Kirkwood, CEO of TTC Group, told Fleet News that part of the reason for parting ways with Palatine Private Equity and linking up with Pricoa Private Capital, the private capital business of Prudential Financial, was access to capital.
“Palatine has been a great supporter of the business over the past three-and-a-half years, but as the business was getting bigger, we wanted to do more, we wanted to put our foot on the accelerator,” he explained.
Matthew Ord
Manchester-headquartered Palatine Private Equity has exited its investment in a £40m-turnover driver risk management and road safety training provider by selling its shareholding to the management team.
TTC Group provides a range of driver risk management, compliance and training services for corporate clients, including major vehicle leasing providers and fleet operators.
Through the acquisitions of both Business Driver in May 2019 and Licence Bureau in March 2020, the company s corporate division has grown from a handful of clients to working with more than 2,800 businesses across the UK.
It has also developed a proprietary technology platform, TTC Continuum.
Since investing in the Telford-headquartered company in July 2017, Palatine has overseen revenue growth from £27m to more than £40m through a major digitalisation programme and successful buy-and-build strategy.
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