Case Study: Autologic Diagnostics

Portfolio

Type: BIMBO
Total Invested: £3.75 million
Date Completed: February 2009
Sector: Technology hardware & software
Website: www.autologic-diagnostics.com

Company Background
Founded in 1999, Autologic develops and sells sophisticated automotive diagnostic software and hardware to enable independent mechanics, dealerships and garages to service and repair vehicles. As vehicles have become increasingly sophisticated and more reliant on electronic systems, mechanics need to be able to communicate with on-board computers to diagnose and fix faults, requiring a diagnostic tool. Autologic's products are sold throughout the UK, Europe and the US. The company's products allow independent garages to service car brands including Land Rover, BMW, Mercedes, Jaguar, VW, Audi, Skoda and Porsche.

Foresight Investment
Foresight funds invested £3.75 million of loans and equity to buy out three of the four founders. The deal was led by Technical Director Ian Jones who was joined by Managing Director Peter Toland, responsible for major international sales growth at competitor, Launch Group. Kevin Finn, former founder and Managing Director of National Service Networks, joined as Non-Executive Chairman.

Deal Attractions
Autologic is a cash generative business with a strong position in its market with a highly experienced BIMBO team. The Company has built an international distributor network with significant potential for further growth.

Company Achievements
Autologic has continued to grow since the BIMBO and acquired its US distributor in 2010.