David Gorvett has led a management buy-out (MBO) of Impetus Automotive and will now take up the role as CEO of the company.

The deal has been made through funds from the Baronsmead VCTs and sees Impetus’ management team increase their equity stake.

Impetus Automotive provides programmes and projects for vehicle manufacturers to improve the efficiency, management and profitability of the retail automotive industry.

The Warwick-based business has reported revenue growth of 50 per cent since 2010 and it now counts companies such as VW, Toyota and Ford as clients.

Prior to the transaction being completed the majority owners of the company were Steve Allen, Phil Cowley and John Vize, all of which will now take a step back from operations.

Corvett, the new CEO of Impetus Automotive, comments, ‘With this MBO, we have secured both continuity of management and investment in product development.

‘This places us in a great position to further develop our support for our clients and ensure we continue to deliver innovative services and products in this highly competitive and constantly changing industry.’

The MBO is the second of the year for ISIS following its backing of Autologic’s £46 million buy-out in January.

Further new equity investments have been made in day nursery operator Happy Feet (£3.7 million), sportswear brand inov-8 (undisclosed) and Vietnamese restaurant chain Pho (£5.2 million).

Charlie Robinson, associate director at ISIS, adds, ‘Impetus Automotive is a high quality business that is well positioned for expansion, both in the UK and overseas.

‘We are very much looking forward to working with David and the team as they continue to focus on the needs of their clients and support them in taking the business to the next phase of its growth.’