UK-based fleet management company CLM has completed the management buyout (MBO) from the Maxxia Group for an undisclosed sum.
Maxxia, which is backed by the Australian McMillan Shakespeare Group, had bought the firm in 2013 to bolster its UK business.
Now, CLM CEO John Lawrence, chief commercial officer Andy Short and chief information officer Andrew Beard have formed an MBO team, which has reached an agreement with the McMillan Shakespeare Group to acquire the CLM business.
An external investment from Knowles Fleet’s Colin Knowles and Gareth Shaw will support the acquisition.
Shaw, who worked with Maxxia, now joins CLM as the CFO.
The acquisition is expected to accelerate opportunity and grow CLM as a provider of independent fleet management services such as panel funding, vehicle rental, vehicle storage and logistics, accident management and the recently launched Lifestyle Car Choice.
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By GlobalDataDeveloped in partnership with Knowles Fleet, Lifestyle Car Choice is a salary sacrifice programme supported by panel funding.
Lawrence said: “With investment in our fleet management propositions, technology and people, we believe we can take CLM to the next level and ensure we delight our existing and new customers, develop CLM as a fulfilling and rewarding environment to build a career in fleet management and build a profitable, fast-growing fleet management business.”
In December 2018, CLM, which manages commercial vehicles on behalf of corporate customers, invested in a new 16,000-square feet site to meet the growing demand.
