Carter & Carter, a major provider of outsourced support services to global automotive brands, has been listed on the London Stock Exchange following a successful offering of 22, 953, 944 shares at a price of 235 pence per share which has resulted in a market capitalisation of £78.4 million. The listing will allow Bridgepoint, which first invested £6.7 million in the company in 2001, to realise its 45.6% stake in the business.
Carter & Carter specialises in the provision of otsourced support services to support car manufacturers in the delivery of their business goals and quality service through the distribution channel. It operates in the world's four major automotive markets, UK, US, Germany and Japan, from where it is able to support its customers on a global basis. The group currently provides services to 26 vehicle manufacturer brands, including 18 of the top 20 brands in the UK.
In July 2003, Bridgepoint and Phil Carter funded the acquisition of EMTEC Group, a provider of apprenticeship training programmes and technical services, transforming Carter & Carter into a 600-employee business. In the year ended 31 July 2004, group turnover was £38.2 million.
Commenting on the investment, Bridgepoint partner Michael Davy, said: "We are pleased with investor interest in the flotation of Carter & Carter and this underlines how successful Phil Carter and the team have been in building this business. The company has grown tremendously since Bridgepoint first invested four years ago and we wish the team every success for its continued development."
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