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TTC Group sold by Palatine in MBO and private capital deal

TTC Group has been sold by Palatine Private Equity to the TTC management team supported by investment by Pricoa Private Capital.

Jim Kirkwood, CEO of TTC Group

The new funding arrangement will see 65% of the business become management- and employee-owned, with the remaining 35% held by Pricoa Private Capital, the private capital business of Prudential Financial.

TTC said the new investment would enable its plans to become the UK’s leading risk management and training provider and to grow its business into mainland Europe and beyond.

The business provides fleets with comprehensive insight into risk and compliance management through real-time dashboards. This has been supported by continued investment in its proprietary TTC Continuum technology platform, which has enabled it to integrate data on an agnostic basis from sources including telematics, connected cameras and other in-vehicle technology.

This in turn supports corporate fleets with a Return-on-Investment business model.

TTC’s work with corporates has also been strengthened by its buy-and-build strategy that saw it acquire Business Driver in May 2019 and Licence Bureau in March 2020. The acquisitions have helped grow TTC’s corporate division from a handful of clients to more than 2,800 UK businesses. It also continues to deliver national speed awareness training courses on behalf of 14 police forces.

Palatine invested in TTC in July 2017 and TTC said the funding had assisted with the delivery of advanced technology and customer service, which contributed to annual revenue growth from £27m to £40m.

Jim Kirkwood, CEO of TTC Group, said: “The partnership we have enjoyed with Palatine has been highly successful over the last four years. Together we have achieved a huge amount including investing significantly in digital technology and recruiting a talented and ambitious management team.

“We see significant opportunities to scale TTC into new markets and are delighted that Pricoa Private Capital shares this vision. We look forward to taking the business to the next stage with them as our new investment partner with a focus on growth, capital, and people.

“The addition of employee ownership will provide a great boost to the overall team and to future business success,” he added.

Ed Barker, senior vice president and head of Pricoa’s Midlands business, said: “We are delighted to be partnering with the team at TTC.”

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Natalie Middleton

Natalie has worked as a fleet journalist for nearly 20 years, previously as assistant editor on the former Company Car magazine before joining Fleet World in 2006. Prior to this, she worked on a range of B2B titles, including Insurance Age and Insurance Day.

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