Trak Global Security Solutions has received a £9.75m investment from Foresight Group to back its management buyout and growth plans.

Trak Global Security Solutions will use the funding to back its management buyout and growth plans

TGSS provides end-to-end vehicle security solutions to the car rental and flexi-lease sectors, combining telematics hardware, software and service components to provide a leading offering to its customers to dramatically improve the success of recovering a vehicle.

TGSS is being carved out of a larger group, with the new entity being led by Dave Turnock and Andy Christopher.

Turnock, who has been with TGSS for more than 10 years, will lead the company as managing director, while Andy Christopher, who has over 30 years’ sector experience, has been appointed as the company’s CEO. They will be supported by Dave Shepherd as chair, Mark Ward as NED and former founder of Trak Global Solutions, and Alan Cottrill, also as NED, all of whom are highly experienced within the vehicle and technology sectors.

The new funding comes from Foresight’s regional growth and buyout fund focused on North West-based businesses. TGSS will use the investment to drive expansion across the UK and overseas, supported by work on new technologies that make identifying and removing tracking devices more difficult for criminals.

Chris Wardle, managing director at Foresight, said: “We are delighted to support TGSS on its next stage of growth and are pleased to back a strong management team, whom we have every confidence will drive a leading business in the sector. This is a substantial market and the management team has identified several growth opportunities that, with the right focus and support, can be realised quickly.”

Andy Christopher, CEO of TGSS, said: “This is an exciting time for our team and our private equity partners. We have ambitious plans to both increase our current market share and seek growth opportunities in new geographical markets and industry sectors.”