Garbutt + Elliott Corporate Finance Team advises Reef Business Systems on CitNOW Group Acquisition – Harrogate Informer


Reef Business Systems, a showroom and automotive transaction management software company, was acquired by digital communications specialist CitNOW in a transaction advised by Yorkshire accountants and business advisers Garbutt + Elliott.

Harrogate-based Reef Business Systems was acquired by Wokingham-based CitNOW as well as US cloud-based software as a service (SaaS) company Quik, which has bases in Massachusetts and Dublin. .

CitNOW completed the acquisitions, backed by London-based private equity firm Tenzing, to accelerate its expansion in the United States, increase value for its clients through additional products and services, and expand the reach of its products.

Following the acquisition, Reef Business Systems will be based under the recently acquired supplier of showroom management systems, Dealerweb, Exeter, in the CitNOW group portfolio. Reef Managing Director Jamie Pearson has joined the Dealerweb management team, while fellow Managing Director Garry Cuthbert will continue to advise both companies.

Garry Cuthbert says:

This acquisition gives Reef a valuable chance to expand its presence in the international automotive market. The combination of the different products and know-how brought together by CitNOW could become a powerful force in this sector.

We received excellent service from Garbutt + Elliott. Continuity and familiarity were the key to choosing the firm for our corporate finance work. Using people who already know our business well made the decision easy.

Garbutt + Elliott’s corporate finance team, led by partner Rob Burton, provided high-level corporate finance and tax advice on transaction structuring, closing mechanisms and tax structuring through Tax Manager Steve Holmes and Account Manager Chris Ward. York law firm Ware and Kay provided legal support.

Rob Burton says:

G&E advised Reef shareholders on the completion mechanism process and their understanding of how it works. This was a key area of ​​the transaction and, fully understanding its implications, he was protecting shareholder value. We were very happy to have contributed to the success of Reef Business Systems.

This acquisition is a further sign that the deal market is very active and that there is significant private equity financing available for the right assets. Yorkshire’s corporate finance community is very active and the region remains a very active market place.

CitNOW Group Executive Chairman Geoffrey Page-Morris said:

Acquiring complementary technologies was always part of our growth strategy when we first entered Tenzing’s investment portfolio.

The latest expansion with the purchase of Quik and Reef fits very well within the CitNOW group and helps us realize our vision of transforming the way software improves communication in the automotive industry. We look forward to working with these two companies and increasing our presence in the market.

The Garbutt + Elliott corporate team, incorporating its award-winning tax team, consists of three partners and two directors and works nationwide across a wide range of business from its offices in York and Leeds.


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