Livingbridge recently acquired a majority stake in the business from Tenzing Private Equity, who, together with the incumbent management, will materially re-invest into the Group as part of the transaction.

Founded in 2008, CitNOW Group provides market leading software products to franchised car dealerships to improve both efficiency and conversion of sales and aftersales. The suite of software products allow dealerships to digitally engage with a customer at the start of their purchasing journey via video, manage the customer through the sales process and then generate additional revenues and technician workflow efficiencies when the customer brings their vehicle in for service.

The business has expanded its suite of products over time through M&A, most recently with the acquisition of WEB1ON1, an automotive messaging platform based in the Netherlands that broadens the reach, functionality and flexibility of CitNOW Group’s digital communications products throughout the customer journey.

Barings has been an established lender to CitNOW since 2020, providing financing for the company’s successful organic and in-organic growth story during the former ownership of Tenzing. The new senior secured financing package supports the buyout and provides committed acquisition facilities to support the team’s continued consolidation strategy across Europe and other markets globally.

Matt Carty, Director at Barings: “It has been fantastic to work with Livingbridge, Tenzing and the CitNOW team again. CitNOW has delivered strong performance since Barings’ original debt financing in 2020 and we look forward to working with them to continue the group’s growth internationally”

Simon Peet, Partner at Livingbridge: “CitNOW Group is a fantastic business which has built a reputation for innovation and excellence in a large and rapidly evolving sector. We look forward to working with Geoffrey and his team to further scale the business organically, as well as continuing to expand the range of solutions the Group offers to its customers through strategic M&A. We are also very pleased to be working with Barings again who have provided a tailored financing solution to support the transaction”

 
About Barings
Barings is a $349+ billion* global investment manager sourcing differentiated opportunities and building long-term portfolios across public and private fixed income, real estate, and specialist equity markets. With investment professionals based in North America, Europe and Asia Pacific, the firm, a subsidiary of MassMutual, aims to serve its clients, communities and employees, and is committed to sustainable practices and responsible investment.

*Assets under management as of June 30, 2022

About Livingbridge
Livingbridge is a mid-market private equity firm with offices in the UK, the US and Australia, investing in fast growing companies valued up to £300m.

Our team have been backing growing businesses together for twenty years. We’ve done it over a hundred times, turning many into household names both at home and abroad. We get growth.

We understand the people behind growing companies in consumer markets; healthcare and education; technology, media and telecommunications; financial services and business services, and help them achieve what’s right for them and their business.