Literacy invests in Tyrefix

The firm generally invests in companies with EBITDA of £1-5m. Literacy is sector-agnostic and prefers to make minority and majority investments, as well as MBOs and MBIs.

The Tyrefix founders, Adrian and Diane Johnson, have sold their stake and will retire. The company will now look to build on growth in existing markets, identify opportunities for expansion into adjacent markets, and improve operations.

The founders' successor, current CEO Oliver Johnson, will retain his position and will become a shareholder for the first time. Tony Buffin will also join the board as a non-executive director and was previously group chief operating officer and CFO at Travis Perkins between 2013 and 2019. Tom Gover joins the business as CFO at completion, from Rundles & Co, a family-owned debt recovery business that he led through an exit in 2019.

This is the first institutional investment in the company.

Investec has provided debt financing.

Company
Leicester-headquartered Tyrefix is a provider of emergency tyre repair and replacement services for heavy construction equipment. It serves housebuilders and machinery hire companies across the UK. It was founded in 1986 and generated £11.6m for the year ending on 31 October 2019.

Advisers
Company – Avondale (corporate finance).

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