Mobeus Equity Partners has created the UK’s largest car cleaning and valeting company by investing another £3.2m into Motorclean.
The investment will support the acquisition of the trade and assets of Forward Valeting Services as part of a £5m transaction, the firm said.
Mobeus bought MotorClean in a management buyout from Lloyds Bank private equity arm LDC in July 2011, six years after LDC had backed its original MBO.
The firm’s latest funding means it has invested a total of £9.2m in the company since its original buyout.
At that time Mobeus was known as Matrix Private Equity Partners, but changed its name last year when it spun out from the business through its own MBO.
Mobeus said the merger of the two companies has created the UK’s largest supplier of cleaning and valeting services to the motor industry, with turnover in excess of £35m and operations at about 450 dealerships across the country.
Chris Price, investment director at Mobeus, who led the original investment and who sits on the board of Motorclean, said, “Motorclean is a typical Mobeus investment – robust, cash generative and most importantly well managed by a team who really know their market.
“We are delighted to have been able to invest further to support a team we rate highly to create a true UK market leader in a market ripe for consolidation.”
Mobeus primarily invests between £2m and £10m into UK-based companies through MBOs, but also makes growth capital investments and provides acquisition finance.
It generally takes minority stakes in companies.
Copyright © 2013 AltAssets