U.K.-based private equity firm Business Growth Fund PLC sold its minority stake in Jumpstart (U.K.) Ltd. to Visiativ SA's consulting unit, ABGI Group SAS.
Jumpstart is a U.K.-based research and development tax credit company. It received a £3.4 million investment in February 2014 from BGF that was used to develop its sales and marketing operations.
Following the transaction, Chairman Jim Faulds will leave the company and existing shareholders will exit.
Jumpstart Managing Director Scott Henderson and the management team will continue to lead the company, which will retain its brand and continue to execute its growth strategy.