Quartix has announced a partnership with Bank of Scotland Corporate which will see the Bank making a substantial investment in the business.
Selected by the Bank for its impressive record of growth combined with its solid reputation for reliability and customer service, Quartix expects the move to help it consolidate its position as a top performer in the vehicle-tracking sector.
The deal will see Bank of Scotland take a 20% equity stake in the business, with the remaining 80% continuing to be held by the management team. Operational and strategic control of the business will remain with the current management, whose experience and enthusiasm were a leading factor in the Banks decision to invest.
Owen Sennitt, Director of Integrated Finance at Bank of Scotland, and leader of the team that completed the deal, said:
"Quartix is an outstanding business whose recent growth rate is due to the drive, ambition, and vision of Andy Walters and his management team. This is an exciting investment for us, and our funding package will provide a solid platform for future expansion."
Bank of Scotlands Integrated Finance unit was launched in 2000 and has since transacted over 100 deals with total funding in excess of 10 billion. Commenting on the investment, Andy Walters, Managing Director of Quartix, said:
"We're delighted to have formed this partnership with Bank of Scotland Corporate, and feel that the prospects for future growth are excellent. This investment will give us the impetus to put in place many of our strategies for maximising our share of the vehicle-tracking market. We'll be aiming to take our place as the supplier of choice to most companies considering vehicle tracking in the UK."
About Bank of Scotland Integrated Finance
Bank of Scotland Corporate, part of HBOS plc, has a reputation for excellence in the provision of corporate finance, delivering innovative funding solutions across a range of markets. Bank of Scotland Corporate employs over 8,300 employees. With experience across many areas of corporate finance, including Integrated Finance, Joint Ventures, Structured Finance, Acquisition Finance, Infrastructure Finance and Housing Finance, Bank of Scotland can draw on an expert pool of professionals with proven track records. Since launching its ground-breaking Integrated Finance unit back in 2000, the Bank has transacted over 100 deals with a total funding in excess of 10 billion. Today Bank of Scotland Integrated Finance provides funding to more mid-market MBOs than any other equity funder in the UK by providing a unique one-stop financing solution which meets all the funding requirements for a business undergoing a transaction.
In addition to its strong start to 2008, Bank of Scotland Integrated Finance completed 12 deals in 2007, including Keepmoat, Polypipe, David Lloyd Leisure, M&H Plastics, Ainscough Crane Hire, Lambert Smith Hampton, Fishers and Charterhouse.
Quartix's award-winning, in-vehicle tracking technology enables subscribers, ranging from small businesses to major corporations, to maximise efficiency of fleet operations. Proven commercial benefits include significantly lowered fleet operating costs, more responsive delivery times and improved vehicle security. The user-friendly technology also assists employers in meeting a wide range of duty of care responsibilities.
The Quartix GPRS real-time tracking system is produced in ISO 9001:2000 facilities in compliance with European safety and vehicle directives. The discreet tracking units can be installed on-site in an hour and the system is protected by a comprehensive warranty. Product enhancements are supplied at no extra charge and technical support is provided by a dedicated in-house team.