TTC Group agrees new Pricoa investment deal
Press Release | May 2021
TTC Group gears up for further growth with new investment from Pricoa Private Capital
- New investment will enable further expansion into new products and services and other geographies
- Business Driver and Licence Bureau acquisitions grow relationships with 2,800+ businesses
- TTC continues to deliver its Return-on-Investment business model for corporate fleets
Driver risk management, compliance, and road safety training provider TTC Group has been sold by Palatine Private Equity to the TTC management team supported by investment by Pricoa Private Capital, the private capital business of Prudential Financial.
65% of the business will become management and employee owned under the new funding arrangement with the remaining 35% held by Pricoa Private Capital.
TTC intends to use the financial backing of Pricoa to become the UK’s leading risk management and training provider which includes an ambition to grow its business into mainland Europe and beyond.
TTC will continue to invest in its Continuum technology platform, new people, and its acquisition of complementary businesses in the UK and Europe to support its ambitious growth plans.
Continued investment in its proprietary TTC Continuum technology platform has enabled it to integrate data on an agnostic basis from sources including telematics, connected cameras and other in-vehicle technology, to provide vehicle fleets with a valuable insight into risk and compliance management, through real-time dashboards.
This enables companies to both assess risk and personalise any required training intervention to a specific driver while assessing behavioural changes when comparing both before and after. Providing a return on investment has for a long time been the “holy grail” for the industry - something TTC Continuum now provides to its customers.
Through its buy-and-build strategy TTC bought Business Driver in May 2019 and Licence Bureau, the UK’s largest driver licence check provider, in March 2020 which has helped grow TTC’s corporate division from a handful of clients to work with over 2,800 UK businesses. It continues to deliver national speed awareness training courses on behalf of 14 Police forces.
Since Palatine invested in TTC in July 2017 it has assisted with the delivery of fantastic 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.
“We believe 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.
“TTC, in conjunction with its stakeholders, significantly enhances road safety and offers a compelling return on investment proposition to corporates fleets of all sizes. Through our initial funding and the business’ ongoing investment in technology, breadth of services, and the customer journey, we hope to further strengthen those aims. We are excited to support Jim and his team in executing our shared vision."
Palatine was advised by a team from investment bank GCA Altium and law firm Gateley. Akin Gump acted as counsel to Pricoa, while the TTC management team was advised by Liberty Corporate Finance and law firm Osborne Clarke.
Santander is providing TTC with a Revolving Credit Facility to support its strategic growth plan.
About Pricoa Private Capital
Pricoa Private Capital is one of the largest private debt providers globally. In the UK, it has a long history of partnering with businesses and management teams, with over 125 borrowers across a wide range of sectors. It has a relationship-centric approach, providing long-term, patient capital to fulfil strategic objectives, diversify funding sources, fund growth capex or acquisitions, and facilitate shareholder transitions. Pricoa’s teams are focused on regional markets and maintain direct relationships with a wide range of institutions across FTSE 350 companies, privately-owned mid-market businesses, non-public institutions, and charitable entities.