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Investor's £20m+ Buys Into Truth / College Group
Fast-growing UK-based consultancy Truth and its start-up investor The College Group have announced a 'major new investment' - thought to be between £20m and £25m - from venture capital fund Vitruvian Partners LLP.
The College Group has more than trebled in size since it backed Truth at start-up in 2007, and now represents businesses with a combined turnover of £40 million - including Truth's 2011 billings of more than £7.5m and revenues from its four other core businesses.
Vitruvian, whose total funds are close to a billion Euros, appears to have bought just over half the College Group with an investment valuing the whole at around £45 million.
Truth has grown rapidly in the UK and has recently opened offices in the US and Asia. Its management and staff, including CEO Andy Dexter, will continue to retain a substantial shareholding in the future of the business under the new arrangement. The new funds will enable recruitment and geographical expansion, fuelling an ambition 'to be one of the leading international consultancies, providing clients with transformational insight that builds businesses and brands'.
Dexter describes the last four years as 'a fantastic adventure' and comments: 'we now have a blue chip investor adding a totally new dimension to our plans. The endorsement of Vitruvian simply reinforces that Truth's greatest potential still lies ahead... I firmly believe our clients will benefit from the new people, offices, and practice areas this investment will allow us to acquire and develop.'
College Group CEO Richard Nichols adds: 'We will be looking for businesses and talent who want to share in our ambition to be one of a select few international consultancies serving the world's leading organizations. We have the platform, the team and a focussed ambition. We now have access to capital to accelerate our plans.'
Web site: www.truth.ms .
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