An Exeter-headquartered developer of products to assist with planning and operations in the shipping and road transport sectors has been bought in a management buyout.
Fargo Systems was established in 2002 by Kevin Terrill, Hemant Patel and Andrew Miller, the company now serves more than 100 customers across the sector. Terrill and Patel will remain in the business as non-executive directors to support the development.
Managing director Steve Collins said: “The founding shareholders have worked tremendously hard to develop Fargo Systems into an award-winning, market-leading business. My team and I are excited by the opportunity we have been given to continue to develop the business.”
Patel added: “Having worked tirelessly to build Fargo into the business it is today, we now have an innovative range of software products and a loyal customer base for the management team to build on. The team has been integral to the success and growth of the business over the last few years and getting to this stage.”
Funding was provided by Santander Growth Capital. The management team were advised by Michelmores and the founders were advised by Bishop Fleming and Clarke Wilmott. Isca Ventures provided transaction support services within the transaction.
Jamie Foster, growth capital at Santander, added: “We are pleased to be able to support the business and management team of Fargo Systems, providing a funding package which enables the team to develop their growth plans and ambitions.”