A British investor group has acquired Roush Technologies Limited, the UK subsidiary of Roush Enterprises of Livonia, Michigan, USA.
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Under the terms of the deal, Roush Enterprises has also entered into a cooperation agreement to supply engineering services on a reciprocal basis between Europe and Roush Industries’ existing business in the US.
The acquirer will retain the name Roush Technologies Limited for a period of up to 12 months and will take over Roush’s existing facilities near Brentwood in Essex. The acquisition also includes Mountune, Roush Technologies’ wholly owned race engine & motorsport business. In addition, the company will continue to provide specialist support to Ford GT owners in the UK and Europe, and distribute Roush Performance aftermarket products and parts.
The investor group is led by Andrew Williams, a prominent turnaround specialist – who becomes Chairman of the new business. An accountant by background, his experience includes leading companies in the sector from loss making to dynamic growth and profitability. The group also includes the current Roush Europe senior management team – Managing Director, John Mitchell and Finance Director, Gary Robertson – who continue in post and acquire an equity stake.
Andrew Williams says, “The initial retention of the Roush name – and the conclusion of a number of collaborative and licence agreements, will ensure both continuity and stability of the business in the way it currently serves its clients and customers. During the next year, the business will be progressively re-branded and repositioned to face and meet the changing demands of the automotive and engineering services sectors.”
John Mitchell, who remains responsible for day-to-day operations says, “We are very fortunate to have been able to achieve a formula which allows the business to move on and realign itself to develop in a changing engineering environment.”
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By GlobalDataDoug Smith, President and COO of Roush Enterprises commented, “This is a very positive move for both Roush Enterprises and our UK subsidiary. Our business in the UK has been very strong over the last 12 years, but we felt that growing the business further would require not only a larger investment of capital but, more importantly, a significant commitment of time from our management team in the US. Our conclusion was to invest our time and money in continuing to grow our successful North American based operations.”
Financial details of the acquisition have not been disclosed – neither has the intended nomenclature or branding for the business which will supersede the Roush Technologies name during 2008. The acquisition has been funded directly, with no venture capital investor involved.
