IFC Fleet Services acquires Spectrum
03 December 2014
Ampthill-based IFC Fleet Services has acquired Spectrum Car Scheme Management for an undisclosed sum.
The deal increases IFC's managed fleet size by around 20%.
Cambridge-based Spectrum is a provider of fleet management services to corporate customers operating fleets of company cars, the largest of which has around 300 vehicles.
The acquisition, which will see key Spectrum staff and services operating out of IFC's Ampthill head offices from now on, is in line with acquisition plans announced by managing director Paul Talbot earlier this year.
Talbot said: "The acquisition of Spectrum will help us take the business to another level and spread our risk across an enlarged group.
"This is a company we have known for many years and it has been on the radar as an acquisition target for some time now.
"As a business, its operations, culture and ethos fit very naturally with those of our own. Spectrum's front line account management staff will be joining our own head office staff, based at Ampthill, while the Cambridge offices have been closed, with some inevitable restructuring."
IFC was first launched by Talbot in 2001 and provides outsourced fleet and associated services to the fleet industry.
The group also acquired logistical support company, BBS Fleet Logistics, based near Bedford, in 2004 and launched mileage management provider, Vertivia, in 2008.