Mishcon de Reya's Private Equity team has acted on the sale of RED Driver Training in connection with its tertiary management buyout. The buyout was to a new private equity investor consortium co-led by Westbrooke Alternative Asset Management and Trimountain Partners.
Founded in 1992, RED operates a nationwide network of over 1,700 franchised instructors and a proprietary digital platform serving both consumer and corporate clients. The investor consortium was attracted to RED’s market-leading position, capital-light and highly cash-generative business model, and the significant growth opportunity in a fragmented £2bn UK driver training market.
The team at Mishcon de Reya was led by Partner, Nadim Meer with support from Managing Associates Karine Bashardust, and Harriet Chang, Associates Danny Whittaker and Beth Hitchcock, and Trainees Martyna Dudek, Meehir Patel and Kristin Au. Anil Arora advised on tax.
Nadim Meer, Head of the Private Equity group at Mishcon, commented: "Having worked on the previous buyout in 2019 it was fantastic to see the growth of the business over that period and a privilege to have been invited back to play a part on the latest transaction."
Seb Goldin, CEO of RED, said: “The Mishcon team showed their experience and professionalism throughout. They were a fantastic legal partner for us.”