Tenzing acquires Ticketer

Unquote understands the deal was an all-equity transaction, with Tenzing acquiring a majority stake in the business and allowing the co-founders to make a partial exit.

Financial details remain undisclosed, though the GP is currently investing from its £200m maiden fund, which held a final close in January 2017 after just three months on the road. The vehicle typically targets buyout investments in UK businesses valued at £10-75m.

Under Tenzing's tenure, the business will look to increase its national market share and expand internationally. According to a statement issued by the GP, Ticketer has experienced 50% year-on-year revenue growth over the last three years.

The transaction is the fourth to be made with capital drawn from the GP's maiden fund, following an investment in automotive video software developer CitNow Video in March 2018.

Company
Founded in 2009 and headquartered in Hungerford, Berkshire, Ticketer develops ticketing software that enables customers to make electronic payments on buses. Its products also harness data to provide operators with insight into the performance, service levels and profitability of its routes. Ticketer's clients include First Bus, Arriva, Go-Ahead and regional operators.

People
Tenzing Private Equity – Guy Gillon (managing partner).
Ticketer – John Clarfelt (CEO, co-founder); Gordon Montgomery (executive chairperson, chief financial officer, co-founder).

Advisers
Equity – KPMG (corporate finance); Osborne Clarke (legal); Fairgrove Partners (commercial due diligence); Intuitus (IT due diligence); Continuum (management due diligence).
Company – Silverpeak (corporate finance); Fox Williams (legal); Parisi Tax (tax).

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• Topics
• Buyouts
• UK / Ireland
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• United Kingdom
• Tenzing
• KPMG
• Osborne Clarke
• Intuitus