Long-standing automotive learning and development agency RTS Group has changed hands in a management buyout (MBO).
Managing director Malcolm Miller, along with fellow directors John Brannigan, Alison Noble, Kat Searle and Jess Starley, have bought the Chippenham-based business from founder and chairman Richard Wells.
They plan to grow the company, including relocating it to larger offices within the town by the end of this year. The MBO was managed by the Swindon office of corporate finance firm Watersheds. 
Richard Wells created RTS Group in 1989 following a long career in dealerships and automotive training. The group also includes the FIMTRAC brand, which focuses on trade cycle management and helping dealerships increase point of sale finance.
The firm has grown to a team of more than 50 with over 200 associates, and trades extensively overseas, including the Middle East, South Africa, China and Europe, as well as the UK.
It supports manufacturers and dealers to develop their frontline staff – including dealer principals, sales, parts and service personnel – to become more effective and so sell more cars.
Malcolm, pictured, who took over from Richard as MD in 2013, said the buy-out was a natural progression for the company.
“I became MD when Richard decided to take more of a backseat. This is the next stage of the business, and I and my fellow directors are very excited at the opportunity to develop the business further. 
“While our focus is still to work with automotive manufacturers, increasingly we are working directly with the dealers, as managers realise there is a genuine return on investment to be gained from investing in their staff development.
“We have many exciting opportunities overseas, particularly in China, and we are looking to develop these further.”
The deal involved a complex structure with multiple subsidiary companies, multiple shareholders and investors and contracted revenue streams, which required careful consideration. Watersheds simplified this structure for the MBO team’s bank to secure the funding required.
Watersheds also made sure the management team could get on with their ‘day jobs’ during the process and also led negotiations between the team and Richard Wells to allow both parties to preserve their strong business relationship.
