Global Autocare in Leeds secures LDC private equity support
mid-market private equity firm LDC has made an investment in Leeds-based fleet management firm Global Autocare to support its ambitious organic growth strategy.
The transaction will see LDC take a significant minority stake in the business, backing the existing management team.
Global has grown organically over 20 per cent year-on-year since 2010.
LDC’s support and investment will help the business accelerate its national growth plans.
John Garner, inset, head of LDC in Yorkshire and the North East, said: “Yorkshire continues to be a vibrant place to do business, but we know there is great opportunity for Global Autocare to grow even further and quicker across the UK.
“We’re looking forward to supporting the management team to achieve its ambitions for the future.”
LDC is backing the existing management team, which will continue to be led by founder and managing director Geoff Bloore, finance director David Sadler, commercial director Stephen Chater, fleet director Joe Bloore and company secretary Joanne Duncan.
As part of the deal, John Walker will join the board as non-executive chairman.
He is a former private equity investor and has specific experience with fleet management firms.
Founder Geoff Bloore said: “Our proposition responds directly to evolving client needs within the corporate vehicle hire sector.
“We are committed to offering flexible services that give customers greater control over their fleet management and access to the latest models from the world’s most sought-after automotive brands.
“We chose to partner with LDC for private equity investment due to the firm’s heritage and success in the region, supporting Yorkshire-based businesses looking to scale nationally and beyond.”
Global Autocare was advised by the corporate and banking teams at Squire Patton Boggs, led by corporate partner Paul Mann.
LDC was advised by Grant Thornton, Addleshaw Goddard and KPMG.