The transaction sees Mobeus backing the incumbent ABL 1Touch management team, who have built the group to a 13 site network across Southern England. The team will be supported by experienced industry figure Bill Duffy, previously of Nationwide Autocentres, who has joined the board as Non-Executive Chair.
The business is known for its technical innovation, low cost and environmentally-friendly ‘repair over replace’ methodology, and market-leading levels of customer satisfaction. ABL 1Touch has doubled its turnover during the last three years and, following the buyout, will continue to expand its regional footprint supported by Mobeus, as it looks to almost double the number of operating sites during the investment term.
The transaction was originated and led by Freddie Bacon, who worked on the deal with Mobeus Partner Richard Babington and Matthew Gordon-Smith.
Freddie said, “Our investment will enable ABL 1Touch’s ambitious management team to take the business to the next stage of its growth trajectory. Jonathan, Graham and Duncan have impressive forward-thinking plans and we are delighted to be backing such a leading service provider in the industry.”
Mobeus was advised by Adam Crossley, Lucy Thorpe and Rajiv Kakkad at Stephenson Harwood for legal advice. Due diligence was provided by Marcus Graham and Claire Eggels at Smith & Williamson (Financial), David Crout, Jill-Marit Lerum Cornes and Aditi Talwar at PMSI (Commercial), Lucy Orhnial and Jono Clare at Grant Thornton (Tax Structuring). The ABL 1Touch shareholders were advised by Mike Whittle and Steve Barry of EvolutionCBS, with the management team supported by Emma Gibson and Rachel Reeves at KPMG for legal advice.
“Out of the selection of PE companies we met with, Mobeus felt right from the beginning. They have supported us through what is a difficult process in quite an exceptional year. The management team and I cannot wait to get going on our future strategy.”Jonathan Radford, Managing Director of ABL 1Touch