European mid-market tech investor, Tenzing, announced today that its portfolio company, the CitNOW Group, is expanding its global footprint with the acquisition of two automotive software providers, Reef Business Systems and US-based Quik.
These latest acquisitions are part of the CitNOW Group’s strategy to accelerate US expansion, increase the value it provides to clients through additional products and services, and increase the reach of its market-leading products throughout the customer journey. Its ambition is to transform how the automotive retail world communicates, using innovative digital services to improve dealer-to-customer sales and service support.
Reef Business Systems, a leading provider of showroom and deal management software in the UK, will sit under recently acquired Dealerweb in the CitNOW Group portfolio. As part of the acquisition, Jamie Pearson, Managing Director of Reef Business Systems, joins the senior management team of Dealerweb, whilst fellow Director Garry Cuthbert will continue to advise both businesses, to ensure the company’s outstanding client experience is maintained.
Simultaneously, the CitNOW Group is continuing to grow its presence in North America with the acquisition of Quik. Aligning with CitNOW, its software platform is designed to create honest, open and transparent relationships between car dealerships and customers.
Geoffrey Page-Morris, Executive Chairman of the CitNOW Group, commented: “Acquisition of complementary technology was always part of our growth strategy when we first became part of the Tenzing investment portfolio. The latest expansion with the purchase of Quik and Reef fits very well within the CitNOW Group and helps us work towards our vision of transforming the way software enhances communication in the automotive sector. We are looking forward to working with these two businesses and growing our market presence.”
Christian Hamilton, Co-Founder and Managing Partner of Tenzing, commented: “We’re delighted to have been able to support the CitNOW Group in completing its third acquisition within six months. Since our investment, the Group has experienced double digit sales growth and is leveraging digital innovation to help retailers and manufacturers deliver an outstanding customer experience. We look forward to working together with Reef Business Systems and Quik to share insights, support further expansion and build on their already fantastic reputation in the market.”
Tenzing also announced that it is expanding the dedicated acquisitions resource within its Growth Team. James Knott joins the firm as Acquisitions Director to operate as an in-house deal execution resource, looking after M&A as an end-to-end process. James joins the business having previously completed ten bolt-on transactions for the portfolio companies he supported whilst at Lonsdale Capital Partners. He will work alongside Matt Nicholson to drive organic growth through strategic acquisitions across the portfolio.
