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FMG Support Motoring On
15 January 2009
Spirit Capital Partners (Spirit) is pleased to announce that portfolio company FMG Support has successfully completed the disposal of its vehicle rental business in a multi-million pound deal.
Spirit originally invested £7m in FMG Support in February 2008 as the mangement team embarked on a strategy to deliver significant growth. Following the transaction the vehicle rental business was identified as no longer being a core service. The disposal will enable the team to continue the development of the business and focus further on its key strengths.
The disposal is accompanied by news that FMG Support has been awarded two new contracts. FMG Support has been awarded the Highways Agency's newly created National Vehicle Recovery Manager contract. Working with the Highways Agency traffic officer service, FMG Support will take on responsibility for recovering vehicles following abandonments, crashes and breakdowns. The three year contract - which has the option of being extended for a further two years - will see the firm create more than 100 jobs. FMG Support has also won a three year contract to provide incident management for Lloyds TSB Autolease following a competitive tender process.
FMG Support is the UK's largest independent fleet performance improvement company. Founded in 1986 and based in Huddersfield, West Yorkshire, it employs around 360 people and has an annual turnover of more than £70m.