New shareholder for Tusker as it seeks 30% growth
19 February 2015
Tusker company directors with electric vehicles (l to r) David Brockwell (chief financial officer), Iain Carmichael (chief commercial officer), Mark Sinclair (chief operating officer) and David Hosking (chief executive officer)
Investment firm ECI Partners has acquired a major stake in salary sacrifice expert and the UK's number 17 lease firm Tusker, replacing previous investor Smedvig Capital, which ends a long-term association with Tusker.
Private equity firm ECI specializes in investing in "mid-market, high-growth companies", and will help Tusker as it aims for a 30% growth on its current funded fleet of 13,000 vehicles over the next 12 months.
The existing management team of chief executive David Hosking, chief financial officer David Brockwell, chief operations officer Mark Sinclair and chief commercial officer Iain Carmichael remain in place, though the change of investor sees Richard Prosser replace Sir Trevor Chinn as chairman. Prosser has most recently acted as Non-executive chairman of car rental specialist and former ECI investment CarTrawler.
"Tusker is now a substantial business generating revenues in excess of £100m and we are excited to have ECI as our new partner," said Hosking. "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."
"The team at Tusker provides an excellent fit with ECI and we were particularly attracted by the company's innovative and market-leading culture," said ECI partner Paul McCreadie. "Tusker has an excellent management team and we are looking forward to working together to develop and grow the business."