Private equity group ECI Partners has invested in salary sacrifice leasing company Tusker.
UK-based ECI specialises in investments with 'high-growth companies valued between £20m and £150m'. Its current investments include industrial design, professional services, finance and travel.
Previous investors Smedvig Capital are exiting their relationship with Tusker as a result of the move.
Tusker CEO David Hosking said: “This is a very exciting time for us. 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. Their depth of experience and extensive level of engagement with our team will provide a great platform from which we can continue our exceptional growth.”
The existing management team of David Hosking (chief executive officer), David Brockwell (chief financial officer), Mark Sinclair (chief operations officer) and Iain Carmichael (chief commercial officer) will remain in place at the firm.
Current chairman Trevor Chinn is stepping down, to be replaced by Richard Prosser, former non-executive chairman of previous ECI investment CarTrawler, a rental management system.
Tusker now manages in excess of 13,000 vehicles and the company expects this figure to increase by 30% over the next twelve months.
Rob Toms, managing director at Smedvig Capital, said, “Smedvig only invest in a small number of exceptional businesses each year. We are proud to have worked with Tusker to build the salary sacrifice product and develop a clear market leadership position.”
Paul McCreadie, partner at ECI, added: “The team at Tusker provides an excellent fit with ECI and we were particularly attracted by the company’s innovative and market leading culture.
"Tusker has an exceptional management team and we are looking forward to working together to continue to grow and develop the business.”