Mobeus invests further £3.2m in Motorclean

Mobeus's fresh investment is part of a £5m transaction for Motorclean to acquire Forward Valeting Services, which will create a supplier of cleaning and valeting services with a turnover in excess of £35m. Lloyds Development Capital provided invoice discounting facilities to support the acquisition. 

Previous funding
In 2011, Mobeus (then Matrix Private Equity Partners) bought Motorclean from LDC in a £6m deal. The investment combined debt and equity and secured invoice financing from Lloyds Commercial Finance.

LDC acquired Motorclean in 2005, injecting equity and a debt package comprising senior debt and working capital facilities provided by Lloyds TSB Acquisition Finance.

Company
Founded in 1990 and based in London, Forward Valeting Services is a contract car cleaning company. The firm's customer base is principally comprised of retail dealers, auctions and car supermarkets.

The combined firm has a turnover in excess of £35m and operates at around 450 dealership sites across England.

People
Chris Price is investment director at Mobeus. He led the original investment and sits on the Motorclean board.

Advisers
Equity – Marriott Harrison, Jonathan Leigh-Hunt (Legal); PwC, Philip Hare (Tax).
Company (Motorclean) – Squire Sanders, Tim Hewens (Legal); Wilkins Kennedy Corporate Finance, Dan Nixon, Charles Baynes (Financial due diligence, tax); ACA Consulting, Alicia Cavanagh (Commercial due diligence).
Company (Forward Valeting Services) – Baker Tilly, Ali Aneizi, Adam Spencer (Corporate finance); Gordons, Jude Barter (Legal).

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• Topics
• Support services
• Portfolio management
• Expansion
• UK / Ireland
• United Kingdom
• Mobeus Equity Partners