Travers Smith LLP has advised longstanding client Livingbridge on its acquisition of the CitNOW Group ("CitNOW"), a global provider of front-office software to the automotive retail industry, from Tenzing Private Equity and other management shareholders. Tenzing will reinvest materially alongside Livingbridge.
Tenzing will reinvest materially alongside Livingbridge.
Founded in 2008, CitNOW 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.
Since its inception, CitNOW has rapidly established itself as a global market leader, with over 13 million sales opportunities created, 60 million videos processed and over 10,000 dealer installations across 64 countries to date. It is currently the most penetrated vendor of automotive software in the UK market, with approximately 75% of predominantly franchised dealerships using at least one of its products.
Livingbridge’s investment will enable CitNOW to progress its acquisitive strategy in both the UK and Europe, accelerate its solutions roll-out in the latter, and refine its technology and product offering.
The Travers Smith team was led by Private Equity & Financial Sponsors Partners Will Yates and James Renahan, assisted by Associates Caleb Jones, Eric van Winssen, Caragh Jenkins, Tiarnan McKeown and Katie O'Riordan. Specialist tax advice was provided by Tax Partner Hannah Manning, Senior Associate Sivanti Devakumar and Associate Lewis Currie, with specialist finance advice provided Finance Partner Donald Lowe and Senior Associate Timothy Short.