TTC is a national provider of driver and cycling education courses. The business works in partnership with police forces and local authorities to deliver speed awareness, rehabilitation and other road safety courses.
TTC has grown consistently since being founded over 15 years ago, by Graham and Jenny Wynn. For several years prior to our involvement, the Wynns had been investigating a potential sale of the business, although this had proven unsuccessful.
What difference did we make?
We had maintained a relationship with the Wynn’s for a number of years without acting for them in any formal capacity. Recognising the need for a management solution to realise a deal, we introduced the CEO (Jim Kirkwood, former CEO of AA DriveTech) and the non-executive chairman (Andrew Strong, former CEO of the AA plc). Both were keen to acquire TTC from the founders with support from the private equity community.
Following Jim’s appointment as CEO, the founders decided to appoint an adviser to run a formal sale process, including both trade and financial buyers. From the outset, we advised Jim and Andrew on preparing their business plan which included articulating strategic initiatives, compiling detailed financial forecasts and assessing the range of future exit options. During the competitive phase of the sale process, we provided extensive guidance and support to the management team. This ultimately secured them a market leading equity incentive package from an established, supportive private equity partner in Palatine Private Equity.
Upon awarding exclusivity, Catalyst subsequently project managed the whole transaction. Our work included managing the due diligence exercise, deal structuring and raising the senior debt package from Santander.
The deal provides an exit for the Wynns. It also allows the management team, with support from Palatine, to deliver their strategy to grow the corporate driver training and fleet services side of the business. This might also involve acquisitions.