News
Cavendish advises on the sale of Navtrak Ltd
28 March 2007Cavendish Corporate Finance is pleased to announce the sale of Navtrak Limited (''Navtrak'') to Cobra Automotive Technologies spa (''Cobra'') for an initial payment of £2.20 million. An additional cash consideration of up to £1.38 million may become payable over the next five years, subject to NavTrak meeting certain trading conditions.
NavTrak is the stolen vehicle tracking subsidiary of ITIS Holdings plc, the UK's leading provider of traffic information. Based in Manchester, Navtrak provides stolen vehicle recovery systems and services to prestige car manufacturers and their customers. NavTrak is the supplier of Stolen Vehicle Recovery (SVR) solutions to Bentley, Ferrari and Maserati (with a penetration rate in excess of 90% on vehicles sold in the UK) as well as to a number of UK car dealers. NavTrak's active subscribers totalled over 15,000 at the end of February 2007.
Cobra is an Italian company leader in advanced electronic systems and location based services for the automotive industry. This strategic acquisition will enable Cobra to significantly grow the Navtrak business through investment and product development and to further its aim of becoming the Pan European provider of SVR services.
The Cavendish team made full use of its international contact base to find the right buyer and secure the best possible deal for Navtrak. [Raymond Fagan], Director, commented:
"We were very pleased to work with Stuart Marks and his executive board on the disposal of Navtrak. We received indications of interest from across Europe and from companies in the UK. It was clearly evident that Navtrak was a very well regarded business.''
"This is Cavendish's 11th disposal in 2007 and, during the past 12 months, over 50% of completed acquisitions have been to overseas buyers, demonstrating our international reach within all mid-market sized transactions."
Cavendish contacts for further information:
[Raymond Fagan], Director
[Michael Jewell], Associate Director