Rutland Partners has invested in car auction group Aston Barclay.
Headquartered in Chelmsford, the business provides vehicle remarketing services to fleet and dealership vendors and has been owned by the Scarborough family since 1984. The company operates four sites.
Neil Hodson, formerly of HPI and Manheim, has recently joined the company as chief executive to oversee the next phase of Aston Barclay’s development, which is centred around a new auction site at Donington Park in the East Midlands. The company is also investing in IT and various digital initiatives to drive growth.
Laurence Vaughan is also joining the board and investing as non-executive chairman. He has extensive automotive sector experience and has served as chief executive and chairman Sytner Group, a £5bn turnover dealership group in the UK.
The Scarborough family will remain on the board and continue to be significant shareholders in the business.
Aston Barclay is the fifth investment from Rutland Fund III. The transaction was led on behalf of Rutland by Oliver Jones, Tristan Craddock and Jason Birt. Rutland invests in companies worth between £20m and £150m, writing cheques in the £10m to £50m range.
Rutland was advised by Dentons, CIL, PwC and Livingstone Partners. Aston Barclay was advised by Livingstone Partners, Howard Kennedy and and DSA Prospect.