- Tenzing has achieved a 9.6x return on its investment
- It has materially reinvested from both Tenzing Fund II and Tenzing Belay alongside Livingbridge
- CitNOW made five acquisitions with Tenzing as its investment partner
Tenzing has today announced it has exited CitNOW, a UK-based provider of sales conversion software for car dealerships. It has sold its stake to London-headquartered Livingbridge. Tenzing has materially reinvested from both Tenzing Fund II and Tenzing Belay alongside Livingbridge.
Tenzing is a London-based growth equity investor that invests in tech and tech-enabled businesses in the UK and Northern Europe. It first invested in CitNOW Group in March 2018.
“We’re super proud to have spent the last four years working with the management team at CitNOW as the business has transformed the customer journey in automotive,” said Christian Hamilton, co-founder and managing partner of Tenzing. “Along the way, CitNOW broke into new markets and acquired market-leading companies that led to huge growth during our investment period. As we enter this next chapter, we look forward to partnering with Livingbridge to deploy the combined power of our firms’ growth teams to build a truly outstanding business.”
Livingbridge is a mid-market private equity firm with over 100 employees across the UK, US and Australia. It invests across the services, technology, consumer, healthcare and education sectors.
“CitNOW Group is a fantastic business which has built a reputation for innovation and excellence in a large and rapidly evolving sector,” said Simon Peet, partner at Livingbridge. “We look forward to working with the team to further scale the business organically, as well as continuing to expand the range of solutions the Group offers to its customers through strategic M&A.”
CitNOW made five acquisitions with Tenzing as its investment partner. US-based Quik allowed CitNOW to expand its global footprint and accelerate US expansion. Acquisitions of Netherlands-based Web1on1, UK-based reef Business Systems, Dealerweb and Tootle broadened CitNOW’s offering of products and services.
“We’ve had an amazing four years with Tenzing, and we’re a stronger and more successful company thanks to their support,” said Geoffrey Page-Morris, CEO of CitNOW Group. “Their backing has enabled us to invest heavily in expanding the suite of products we provide to car dealerships and scale the business internationally. We are really excited about our continued partnership with the support of both Tenzing and Livingbridge.”