Cavendish advises on the sale of Diagnos.co.uk Ltd

Published February 25, 2009

Cavendish Corporate Finance LLP is pleased to announce the sale of Diagnos.co.uk Limited. Diagnos is the author of Autologic\xAE and the world leader in the development and sale of automotive diagnostic software used by independent specialist vehicle maintenance work shops. Autologic\xAE allows these organisations to service top marque cars such as Mercedes, Porsche, BMW, Jaguar and Land Rover.

Diagnos was founded in 1999 by Michael Collen and Michael Driscoll who were joined in 2001 by technical director Ian Jones. The company has seen revenues and profits increase each year as more and more organisations realised the benefits of being able to offer the cost effective servicing of prestige cars using the award winning software and support provided by Diagnos. Diagnos is a frequent award winner including being named ''Automotive Diagnostic Solution Provider 2009'' by the Institute of Transport Management. In the year to 31 December 2008 the company had revenues of £5.5 million, a 20% increase over 2007.

The company was acquired by a buy-in-buy-out team led by Ian Jones and two experienced executives with motor industry knowledge, joining as non-executive chairman and managing director. The deal was supported by equity from VCT specialist Foresight Group and loan finance provided by Octopus Intermediate Capital.

The transaction was led by Cavendish Partner Raymond Fagan and Associate Director Michael Jewell. Commenting on the transaction Raymond Fagan said:

''We have worked with the Diagnos shareholders for some time and believe the sale of the company to an existing member of management and a buy-in team is an ideal solution for the future and should allow the company to continue to grow and expand its international reach. Although transactions are difficult to close in the current economic climate, the Cavendish team have again demonstrated its still delivers results for its clients.''