Connection Capital buys £9m TeamSport Racing

The deal provides a succession solution for founder Paul Wrightman who will remain involved with the business in a non-executive capacity. 

Led by managing director Dominic Gaynor, the management will focus on expanding the business across the UK, growing from nine sites to at least 16 locations by 2016, it said in a statement. The team plans to capitalise on the fragmented market by consolidating new and existing tracks.

Connection Capital introduced Game co-founder Neil Taylor to the business as part of the deal. The growth capital element of the deal was invested under the Enterprise Investment Scheme, providing investors with a relief from capital gains tax on the investment.

Debt
Bank financing was provided by the Bank of London and Middle East (BLME), which provided £3.25m in debt. Shareholder loan notes were also issued.

Company
TeamSport Racing is a go-karting tracks operator that was founded in Guildford in 1990. The business currently operates nine tracks across the UK, offering services to the general public and corporate clients. Its latest turnover figure was £8m, with an EBITDA of £1.6m. The business employs 80 people on a full-time basis and another 150 part-time.

People
Julian Carr and Claire Madden are partners at Connection Capital.

Advisers
Equity – Gateley, Tom Durrant, Tom Rush (Legal).
Management – Hazlewoods, John Lucas (Corporate finance). 

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Buyouts
• UK / Ireland
• Consumer
• United Kingdom