CitNOW gets PE backing
CitNOW will accelerate its international expansion after securing investment from private equity firm, Tenzing.
Already operational in 49 countries globally and working with 42 OEMs the backing aims to accelerate its influence across Europe. Over the next three years, CitNOW aims to maintain a leadership position in the automotive video market, with the biggest growth expected to come from the 21 European countries already using the brand’s products. The primary focus of the business will remain on the UK and European markets, including the opening of CitNOW’s sixth European in-market organisation to manage the Nordic and Baltic regions.
Meanwhile, the backing of Tenzing is expected to generate an increase in the CitNOW workforce of a third over the next 12 months, as the company continues to invest in its technology platforms and personnel.
While the investment will necessitate a restructure of the CitNOW board, the fundamental running of the business will be unaffected, with CEO Alistair Horsburgh retaining overall day-to-day control and ex-Sytner operations director Geoffrey Page-Morris taking a more active role as executive chairman.
Geoffrey Page-Morris said, ‘I was a big advocate of CitNOW during my time at the Sytner Group and the company’s success, leadership and evolution over the last few years is testament to the work of the senior management team and a satisfying vindication of my faith in its concept. CitNOW already holds a commanding position of leadership in the automotive video sector and the potential for the brand remains huge, so this is an exciting time for all of us.’
CitNOW has been backed by banking firm, Santander during the recent period of growth and will continue to be funded by the company until at least next year.