Close Brothers Private Equity (“CBPE”) has provided equity funding in support of the acquisition of Tractiv Group by a management team led by Anthony Howat and David Grove and his team at West Midlands-based Grove Industries.

Tractiv is an international distributor of tractor and agricultural machinery parts and accessories to the aftermarket across Europe and in South Africa and Australia. It supplies replica parts for a broad range of brands including Massey Ferguson, John Deere, Case IH and Renault. Annual sales are £25m with profits approaching £2m per annum.

The business, which operates from two main hubs in Farnborough, Hants and Wanze in Belgium, was purchased for £11m from private shareholders. Anthony Howat will become Chief Executive with David Grove taking a seat on the board as Non-Executive Chairman.

Commenting on the purchase, David Grove said: “Tractiv is a well positioned business in a stable market place. With guidance from Anthony Howat, who has substantial experience of this type of business, we foresee significant profit growth in the coming years.”

Simon Wildig, Partner at CBPE , who will join Tractiv’s board as a Non-Executive Director, added: “We are delighted to be working with the Grove Industries team and with Anthony Howat. For us, the acquisition of Tractiv is a high quality investment opportunity.”

Enquiries:

Simon Wildig – Close Brothers Private Equity
Tel: 020 7426 4000
Adrian King/Barnaby Fry – Flagship Consulting
Tel: 020 7886 8458/8459


This press release has been issued by Close Brothers Private Equity Limited. Close Brothers Private Equity Limited is regulated by the FSA.