Automotive showroom and deal administration software program firm, Reef Enterprise Methods, has been acquired by digital communications specialist, CitNOW, in a deal suggested by Yorkshire accountants and enterprise advisers, Garbutt + Elliott.
Harrogate-based Reef Enterprise Methods, was acquired by Wokingham-based CitNOW together with US-integrated cloud-based software-as-a-service (SaaS) firm, Quik, which has bases in Massachusetts and Dublin.
CitNOW made the acquisitions, backed by London-based personal fairness agency, Tenzing, to speed up its US growth, enhance worth to purchasers by way of extra services and increase the attain of its merchandise.
Following the acquisition, Reef Enterprise Methods, might be primarily based beneath the just lately acquired supplier of showroom administration programs, Dealerweb, Exeter, within the CitNOW Group portfolio. Reef managing director, Jamie Pearson, has joined the senior administration workforce of Dealerweb, whereas fellow director, Garry Cuthbert, will proceed to advise each companies.
Garry Cuthbert says:
This acquisition offers Reef a beneficial likelihood to increase its presence within the worldwide automotive market. The mixture of the completely different merchandise and experience assembled by CitNOW may turn into a strong pressure on this sector.
We acquired a wonderful service from Garbutt + Elliott. Continuity and familiarity was key to selecting the agency for our company finance work. Utilizing individuals who already know our enterprise nicely made the choice a simple one.
Garbutt + Elliott’s company finance workforce, led by associate, Rob Burton, supplied excessive stage company finance and taxation recommendation on the deal structuring, completion mechanisms and tax structuring by way of by way of tax director, Steve Holmes and accounts director, Chris Ward. York legislation agency, Ware and Kay supplied authorized help.
Rob Burton says:
G&E suggested the Reef shareholders on the completion mechanism course of and their understanding of how this labored. It was a key space of the deal and, by completely understanding its implications, protected worth for the shareholders. We have been very happy to assist ship a profitable consequence for Reef Enterprise Methods.
This acquisition is an additional signal that the offers market may be very energetic and there may be important personal fairness funding out there for the appropriate property. The Yorkshire company finance neighborhood may be very busy and the area stays a particularly energetic market place.
CitNOW Group govt chairman, Geoffrey Web page-Morris, mentioned:
Acquisition of complementary know-how was all the time a part of our development technique after we first grew to become a part of the Tenzing funding portfolio.
The most recent growth with the acquisition of Quik and Reef matches very nicely throughout the CitNOW Group and helps us work in the direction of our imaginative and prescient of remodeling the best way software program enhances communication within the automotive sector. We’re wanting ahead to working with these two companies and rising our market presence.
Garbutt + Elliott’s company workforce, incorporating its award-winning tax workforce, has three companions and two administrators and works nationally throughout a broad industrial spectrum from its places of work in York and Leeds.