Rubicon and Grovepoint acquire Goodridge

The private equity duo will support the company's next stage of development, which will be to invest in product development.

Rubicon and Grovepoint, which have made two previous investments together through the RG Industries vehicle, were introduced to the deal by Andrew Hodgson, partner at KPMG.

Debt
Lloyds' acquisition finance team, led by Martin Cordey, provided senior debt and revolving credit facilities to finance the transaction, while the bank's mid-market team will cater to the company's day-to-day banking needs. 

Company
Exeter-based Goodridge operates manufacturing and distribution activities in the UK, the US, Mexico and Europe. The company employs 300 people globally and generates turnover of around £35m.

Founded in 1969, Goodridge produces hoses, fittings and ancillary products for use in the automotive OEM, retail and motorsports markets. Its systems are used in racing cars, including those used by Bentley, Aston Martin and Formula One teams, as well as in the production of the world land-speed-record breaking Thrust2 and Thrust SSC projects.

People
Bill Ray is group managing director of Goodridge.

Advisers
Company – KPMG, Andrew Hodgson (Corporate finance).

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