Quartix Ltd (United Kingdom) - Jan 2008

Bank of Scotland Integrated Finance has backed the management buyout of Quartix Ltd, a supplier of vehicle tracking systems. BOSIF has invested a £12m+ debt and equity package to facilitate the deal which sees the management team reduce its shareholding to 80% and BOSIF acquire the balance. The enterprise value of the deal was not disclosed. Grant Thornton ran a competitive process which featured both private equity and trade interest to facilitate the transaction.

Company

Quartix is based in Newtown, Wales and also has an office in Cambridge. It was established in 2001. Through a strategic partnership with Orange, Quartix provides companies in a variety of sectors with the ability to track the movement of their vehicles through Quartix’s website from any PC without the need to install software. It employs 16 staff.

People

Owen Sennitt led the deal for BOSIF with support from Ben Stephenson, Fiona Gibson and David Lock. Andy Walters is the managing director of Quartix.

Advisers

Equity - CIL , Sebastian Chambers (Commercial Due Diligence)Equity - Dundas & Wilson, Douglas Land, Ewan Robertson, Michael Wrigley, Oliver Bretherton (Legal)Equity - Intuitus, Alistair Forbes (Technical/IT AdviceUnspecified)Equity - Rees Pollock, Johnny Moulsdale, Peter Scott (Financial Due Diligence)Management - Eversheds, Anthony McGurk (Legal)Management - Grant Thornton, Dan Mendis, Darren Bear (Corporate Finance)

Sourced from: UK & Ireland unquote" 362 (Feb 2008)

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