Sale of Vehicle Multi-media Interface Systems Distributor
Hornblower is pleased to announce the sale of In Car Technologies (ICT) to Perrin & Partners. Benefitting from a trading record of over 20 years, ICT has developed a reputation as a recognised specialist in supplying, designing, and assembling fitting kits for car audio upgrades, smartphone and camera interfaces, installation components and accessories for a range of trade customers and for members of the public.
This business has successfully built a robust customer base within the B2B and B2C sectors, with over 350 active trade customers within the UK and Europe. The company’s B2C customer base is a growing sector, due to the effectiveness of the company’s online visibility and accessible custom-built website as a proven sales and information resource to match customer requirements to the optimal solution for their car model and product specification.
ICT has also cultivated a diverse international supplier base, with key suppliers for its products located across the UK, Europe, East Asia and the USA.
From its existing position, the company has ample scope for growth, with significant potential to expand its trade customer base, opportunities to further capitalise on its B2C market growth and to enhance its online activity through partnerships with prominent online platforms such as Amazon.
Hornblower proceeded to market the deal in early March 2023 receiving enquiries from a range of interested buyers. Due to the highly specialised nature of the business, Hornblower focused on qualifying potential acquirers, to ensure that meetings were only conducted with prospects with proven expertise and a thorough understanding of ICT’s particular niche.
The deal completed in June 2023, just 2 months after putting the business on the market.
ICT has proved to be a perfect fit for Perrin and Partners, an acquirer with a focus on purchasing independent, family-owned businesses, while retaining solid management teams and incorporating the existing culture of longstanding businesses within its portfolio.
Perrin and Partners also used its in-house legal team to execute the deal, which in turn streamlined the due diligence stage.
Robert Hill-Smith, Director of Perrin & Partners said, “Steve has built an incredible company with InCarTec and he has been a pleasure to deal with. We are delighted with the acquisition, and InCarTec will continue to operate independently, providing the same excellent customer service that it always has.
The sale process could not have gone smoother thanks to the professionalism of Derick and the Hornblower team.
InCarTec is the fourth company we have acquired in the past twelve months, thank you Steve for your trust in choosing Perrin & Partners as the right home for your business."
The deal was managed by our Business Sales and Acquisitions Consultant, Derick Humphrey. Derick manages business sales for Hornblower across the South of the UK. The sellers were advised by Cook Corporate (Legal).