UK private equity firm Inflexion said funds it manages have agreed to buy out high performance transmission specialist Xtrac which supplies the motor sport and automotive industries.
Xtrac supplies most of the world’s top motorsport teams worldwide in both two and four-wheeled formulae from MotoGP to Formula 1TM.
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The British business claims to enjoy strong EBITDA growth – over 80% of its revenue is generated through exports, particularly for high performance automotive applications including hybrids and electric vehicles.
Earlier this month, Xtrac said its latest P1166 addition to its family of Integrated Lightweight Electric Vehicle (ILEV) transmission systems was being incorporated by Williams Advanced Engineering into its innovative modular lightweight electric car platform.
According to a spokesman, Xtrac also assisted with development of the 2011 Rolls-Royce Phantom 102EX EV concept.
In a statement, Inflexion said it was “backing Xtrac’s well established management team, who will remain with the business”.
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By GlobalDataThe investment will help fuel Xtrac’s future expansion, supporting its rapidly growing high performance road car division and increasing its current workforce of 330 in the UK and US. Inflexion will support the extension of Xtrac’s factory and purchase of additional machinery, accelerating the development of the next generation of high end automotive transmission systems and advancing its capabilities in hybrid and electric vehicles.
Adrian Moore, managing director of Xtrac, commented: “We are proud of the leading global business Xtrac is today; persistent innovation and exceptional customer service remain our highest priorities. Inflexion shares our values; its investment will accelerate our ambitious growth strategy, developing the next generation of high-end automotive transmission systems and expanding our coverage of the high-performance hybrid and electric car transmission market.
“This partnership with Inflexion supports Xtrac’s ethos of employee ownership, and our team look forward to a new chapter in the continuing development and growth of our company.”
Simon Turner, managing partner at Inflexion, said: “We are backing a highly experienced management team with serious ambition. Xtrac is a truly exciting business, leading its market with superior design capabilities and a blue-chip global client base. We bring experience from across the specialist engineering sector with businesses such as Shimtech and Aspen Pumps, and an extensive track record in growing teams to promote sustainable growth.”
The Inflexion deal team of John Harper and Henry Arundel will join the Xtrac board at acquisition.
