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Home » Tech Firm That Helps Track Stolen Cars Wins Foresight Investment To Support Management Buyout

Tech Firm That Helps Track Stolen Cars Wins Foresight Investment To Support Management Buyout

A tech firm that helps companies to recover stolen vehicles has secured a £9.75m investment from the Foresight Group to support a management buyout.

Trak Global Security Solutions (TGSS) provides tech to car rental and leasing companies that helps them to track stolen vehicles and make it more likely they are recovered.

Now Dave Turnock and Andy Christopher, have led an MBO of the Cheshire business and say they hope it can expand into new UK and global markets.

TGSS’s existing services include telematics hardware, software and service components. The new Crewe-based management team hopes to expand into Europe and invest in new technology that makes it harder for criminals to identify and remove tracking devices.

Mr Turnock, who has been with TGSS for more than 10 years, will lead TGSS as managing director while Mr Christopher, who has been in the industry for more than 30 years, will become CEO. They will be supported by Dave Shepherd as chair, Mark Ward as a non-executive director, and by the founder of Trak Global Solutions, Alan Cottrill, also as a non-executive director.

Foresight’s investment comes from its regional growth and buy-out fund focused on North West businesses.

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.”

Dave Turnock said: “We’re extremely proud to receive investment from Foresight, and excited to forge ahead in a market that is perfectly set up for growth. The rise in asset theft, in part driven by the macro-economic situation, means that we are well placed to serve customers, old and new, not only with cutting-edge technology but also a team that has over 14 years of industry-leading expertise and expertise.”

Andy Christopher 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.”

Legal advice to the management team was provided by Matt Noon and Alex Thow of Hill Dickinson’s corporate team in Liverpool, with corporate finance advice provided by Grant Thornton. Foresight was advised on the transaction by David Easdown of Knights.

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