Rubicon, Grovepoint's Goodridge bolts on Gieffe Racing
Goodridge, a portfolio company of Rubicon Partners and Grovepoint Capital, has acquired Italian automotive fluids business Gieffe Racing from its founding family and management team.
Rubicon provided fresh capital to support the transaction, marking its third Italian investment in recent years.
The deal comes four years after Rubicon and Grovepoint acquired Exeter-based Goodridge via their joint investment vehicle RG Industries.
The latest private-equity-led transaction in the Italian automotive products segment follows Wise's sale of Primat, another automotive chemicals business, to a consortium led by Hat Orizzonte in April 2017.
Company
Founded in 1973 and headquartered in Castelceriolo, near Alessandria, Gieffe Racing is a distributor of motor-related fluids including those used for braking systems, engine cooling, transmission and fuel.
People
Rubicon Partners – Peter Brock, Andrew Fischer, Ian Fisher, Alan Fletcher (partners).
Advisers
Equity – Grant Thornton (financial due diligence, tax); McDermott Will & Emery (legal).
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