Following the strategic acquisition of rival fleet services provider, Inchcape Automotive Ltd in June this year, Camden Corporate Fleet Services (CCFS) has further increased its profile and operational capacity with a £27m investment by Barclays Private Equity.
Organised by newly appointed chief executive Ian Wardle, CCFS was sold off-market in a management buy-in, which should see the company grow at a higher rate than the projected market growth of 3 per cent.
“It was a deal that I originated with existing shareholders, so it was a business that was in a position that could be sold. And I, as a management buy-in candidate knew the business, the shareholders and the sale process and introduced them together,” Wardle said.
“Camden is in a position to go forward to the next stage of development.”
Established in 1996, CCFS provides courtesy cars to large fleet customers, including car rental firms and insurance companies, as well as a range of services such as vehicle delivery, taxation, registration, remarketing and refurbishment. It also has a range of used car dealerships across Ford, Vauxhall, Nissan and Renault marques. Wardle said that CCFS will add more franchise marques to strengthen its dealership side, with the enhanced funding.
CCFS’ buyout of Inchcape Automotive saw it grow its fleet services by ten-fold and Wardle expects BFE’s contribution to “take CCFS forward to the growth curve.”