Mishcon de Reya advised international private equity firm Trimountain Partners on its first UK transaction. Trimountain Partners and Ashridge Capital, in partnership with management and certain other investors led by Downing LLP completed the management buyout of RED Driving School – the largest driving school and driving instructor training school in the UK.
With close to 1,500 driving instructors, RED operates throughout England, Scotland and Wales with significant market presence and visibility in the driving school industry. RED is headquartered in Billingham, County Durham and has won numerous awards, most recently the 2018 First Car National Driving School of the Year and 2019 Gold Trusted Service awards by Feefo.
Trimountain Partners, with a presence in London and Boston, focus on investing in the broader consumer, education and business services sectors, with experience investing in and partnering with fast-growing companies. As part of the deal, Trimountain Partners will partner with Ashridge Capital, who will jointly manage the investment.
Trimountain Partners' Co-Founder, Ali Khanbhai, commented
It’s a been a genuine pleasure working closely on the management buyout of RED Driving School with the entire Mishcon team led by Nadim Meer, with whom we’ve had a close relationship for over a decade. We are deeply grateful to Nadim and the whole Mishcon team for their precious advice, commercial acumen and extremely hard work, which were critical to Trimountain getting the deal over the line in a timely and seamless manner.
Nadim Meer, who led the private equity aspect of the transaction, added:
Being part of Trimountain’s deal team on their first UK transaction was a chance for us to showcase our capabilities acting for entrepreneurial PE investors. The deal required a full-service PE offering, including Corporate, Banking and Employment in a compressed timeframe. A rapid-response, commercial approach was needed and we recognized that this was crucial for Trimountain.
The team also consisted of Associate Leanne Maund, who worked with Nadim Meer, Legal Director Shantanu Sinha led the acquisition aspect with support from Associate Tom Grogan, while Partner Raji Bartlett led the banking aspect of the deal with support from Managing Associate Louisa Cockburn and Associate Laura Ogden.