Tusker, a company car scheme provider, has secured funding from private equity group ECI Partners, under a refinancing deal.

ECI Partners will become a major shareholder in the business, while previous shareholder Smedvig Capital – a venture capital firm – will exit.

The deal is part of Tusker’s ambitious growth plans which include a 30% increase to the size of its fleet of over 13,000 cars in the next twelve months.

The terms of the deal were not disclosed.

David Hosking, chief executive officer of Tusker, said: "The team at Smedvig have provided real and valuable hands on support throughout our growth years, and we are grateful for all of their input. Tusker is now a substantial business generating revenues in excess of £100m and we are excited to have ECI as our new partner."

The company’s existing management team will be joined by the newly appointed chairman Richard Prosser, who replaces Sir Trevor Chinn who is stepping down.

"We are very excited to welcome Richard to the team. He joins Tusker with a wealth of business to business experience gained in the travel industry (most recently as non-executive chairman of former ECI investment, CarTrawler)," said Hosking.

This is the latest in a line of private equity firms buying stakes in companies involved in motor finance, including CV6 Limited buying a controlling interest in Frontline Solutions and Cabot Square Capital acquiring Blue Motor Finance.