Volvere acquires Impetus Automotive for £1.3m

26th Mar 2015 16:29

Volvere, an investment company, has bought Impetus Automotive (IAL) for £1.3m.Impetus provides consulting services for the automotive sector and last reported full-year revenues of £15.6m and profits before tax of £1.5m.Volvere said it will settle certain debt obligations and acquire the entire share capital of Impetus.Chief executive Jonhathan Lander said: "We are pleased to acquire IAL, a consulting business with a long history and track record of success."The global automotive market faces continual challenges and IAL's deep industry insight puts it at the forefront of being able to offer clients value-enhancing solutions."Reacting to the acquisition, shares jumped 8.2% to 330p on Thursday at 16:30.