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Supply chain management company Fleet Assist has been acquired by a US investment company for an undisclosed sum.
Fleet Assist said the buy-out by North Carolina-based Eli Global would provide the firm with more funds, allowing it to expand and accelerate its growth plans.
Eli Global operates in more than 15 sectors, including healthcare, financial services and insurance, and the buy-out of Fleet Assist marks the firm's move into the UK automotive industry.
According to Eli Global, it operates on a 'buy and hold' philosophy, taking a long-term view as to the future of the business. The investment company said Fleet Assist is seen as a cornerstone of its plans to expand into the automotive sector in the future.
Fleet Assist managing director Vincent St Claire and Jonathan Smith, chief information officer, are equity investors in the new structure, with co-founders Mike Smith and Simon English being retained by the business on a consultancy basis "to assist in the delivery of some exciting new projects".
St Claire was promoted to the role of managing director earlier this year after the business' co-founders decided to step back from their day-to-day roles.
Alongside St Claire and Smith, the senior management team is made up of Chris Crow, head of network services, and Brigitte Deacon, head of finance.
"Fleet Assist has an exciting future," said St Claire. "The business is growing rapidly as we aim to help our customers ? vehicle leasing and rental companies ? further reduce their maintenance and back office costs by using our nationwide managed network of service outlets, analysing where savings can be made and then implementing a wide variety of projects."
He added: "The culture and ethos of Fleet Assist will remain unchanged, but with greater investment opportunities now available the business will move to a whole new level and further strengthen our relationships with existing customers."
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