Over the past 27 years Rubicon has consistently delivered exceptional returns to its investors through a series of long-term deal-by-deal partnerships with institutions and family offices. The transition to an institutional fund structure at a time of significant market uncertainty reinforces Rubicon’s commitment to its strategy as long-term investors in industrial businesses which require, in addition to capital, operational, financial and strategic development.
As a mark of this commitment, the Rubicon team are one of the principal investors in Fund V. The team are honoured to be supported by investors from its previous partnerships as well as by a group of new LPs including leading institutional investors from across the UK, Europe and North America.
The Rubicon strategy – Complex Industrial – is focused on investments which require an experienced, active partner to address transactional and business complexity. Complexity typically comes in the form of businesses with either missing management elements, break-ups / carve-outs or underperfomance. As such, the majority of Rubicon’s investments are acquisitions either from retiring owner-managers and families, or non-core carve-outs from larger industrial groups.
Fund V will continue this strategy by providing a committed base of capital over a long-term period, with an ability to invest in businesses ranging in value from £20m to £200m.
Rubicon has an active pipeline of new investment opportunities and has already made its first investment in Fund V.
Rubicon Partners (“Rubicon”) are pleased to announce the acquisition of Park Sheet Metal Company Limited (“PSM” or the “Company”) from its owner, Stephen Payne.
Founded by the Payne family in 1947, PSM has established a market leading position as a manufacturer of complex sheet metal components for the niche automotive sector. From its base in Coventry, UK, PSM supports its customers’ demands for prototype tooling and assemblies and low volume production of body-in-white components.
Rubicon have appointed Mark Barge, previously Managing Director of the Performance Products Division of Ricardo plc. as CEO of PSM. Mark is a qualified engineer and has considerable experience and knowledge of the UK low-volume performance automotive sector.
Rubicon Partners have over 25 years’ experience investing in and supporting niche engineering and manufacturing businesses, with PSM being Rubicon’s 74th acquisition. Rubicon Partners are committed to developing and investing into PSM, having already signed off on additional investment and facilities to support further growth.
Rubicon Partners (“Rubicon”) are pleased to announce the acquisition of Cortland Fibron BX Limited (“Fibron” or the “Company”) from Actuant Corporation (“Actuant”).
Founded in 1987, Fibron is the leading global supplier of sub-sea umbilicals to the offshore oil & gas, remotely operated vehicles, geophysical, diving, defense and oceanographic markets. From its headquarters in Hertfordshire, UK, the Company designs, engineers and manufacturers umbilicals for safety- and process- critical applications around the world. It was acquired by Actuant in 2008.
Rubicon Partners (www.rubiconpartners.com) is a hands-on investment partnership focused on acquiring complex industrial businesses across Europe and North America. Over the past 25 years the firm has invested in 73 industrial manufacturing, distribution and service companies, ranging in value from £15m to £250m. The acquisition of Fibron from Actuant represents Rubicon’s 52nd new investment acquisition through a corporate carve-out.
Based in Somerset, Aquamain is a provider of self-lay water utility services, including mains and plot connections to the UK’s leading housing developers and regional water companies.
Aquamain was established by founders Gary and Suzanne McConnell in 2004 and has built a reputation as an industry leader in innovation and customer service. Gary will remain with the Company as a shareholder and advisor and will continue to hold positions on a number of industry forums.
Mark Perkins will join the Board as Executive Chairman. Mark has worked with Rubicon and Grovepoint on a number of investments and has held senior positions with EnServe Group, Wates and Shepherd Group.
RG Industries was advised by PwC (Financial, Tax and Commercial) and Proskauer Rose (Legal). Debt facilities were provided by Lloyds Strategic Debt Finance. Isca Ventures acted as the lead corporate finance adviser to the shareholders and management team.
Gieffe is the leading distributor of high performance fluid transfer products into the Italian motorsport market, focusing on braking, engine cooling, transmission and fuel applications.
Goodridge is a leading global manufacturer of high performance fluid transfer systems to the specialist Original Equipment, Performance and Motorsports markets. Headquartered in Exeter, the business was acquired by Rubicon through its RG Industries investment vehicle from the founding family in 2013 and has since expanded its footprint to 10 facilities in 9 countries.
The acquisition of Gieffe represents Rubicon’s third investment in Italy in recent years.
The Group, which was founded in 1930 by metal merchant John Lawrie in Aberdeen, and still has its headquarters in the city, is one of Scotland’s leading privately-owned businesses with bases in Montrose and Evanton near Invergordon, Scotland, and Houston, New Jersey and Philadelphia, USA.
John Lawrie has three divisions providing metal recycling and reprocessing, decommissioning, and steel tubular services to the oil and gas, construction and utility sectors in the UK and USA.
Vic Sinclair, CEO of John Lawrie said “The commitment of its senior management team has made John Lawrie the industry leader it is today. We enter this exciting new era as a financially strong, ambitious business back by new investors who will help us drive further organic growth in both the UK and the USA across all three of our divisions. We also intend to pursue new markets including through acquisitions in this partnership with Rubicon and Grovepoint.”
Charlie Parker, CFO, commented: “John Lawrie is a business with a proud past and an exciting future. We are delighted to be partnering with new investors who have an established pedigree of working with industrial sector enterprises to drive new opportunities and value creation. We have a clear strategy for growth and that’s good news for all our stakeholders.”
EnServe is a leading provider of infrastructure support services to the utilities sector, operating principally in the UK. EnServe was acquired during December 2010 by Cinven and today comprises three divisions: Electricity, Utility Services and Analytics. The Group works in partnership with a large number of commercial, public and utility organisations, operating from more than 30 locations across the UK and employing 1,650 people.
EnServe comprises the following three divisions:
The Electricity division incorporates Freedom Group, which provides engineering design, installation and maintenance services to the utility sector and wider markets, working primarily with electricity distribution networks and private network owners
The Utility Services division operating under the Meter-U and Metro Rod brands, provides meter reading services to Energy and Water Utility companies and waste water drainage services to water companies and commercial / domestic clients
Evolve Analytics is a software provider specialising in the identification and correction of settlement and billing error in the energy sector and providing Business Intelligence solutions to energy retailers. It uses proprietary software, combined with detailed knowledge of the energy settlement process, to unlock financial and operational performance improvements for utilities companies.
In the year ended 30 April 2015 the Group had a turnover of c. £200m.
Grovepoint and Rubicon have joined together in partnership to make several successful investments since 2010. As the new owners of EnServe, they will combine hands-on strategic and operational management expertise with the capital and market insight needed to maximise the potential of each of the Group’s businesses.
Headquartered in Leeds, United Kingdom, Van-Line is a leading distributor of a broad range of vehicle workshop products and consumables to the independent garage and equipment rental aftermarket. Van-Line, under the brand “Workshop Warehouse” employs 55 staff and distributes over 6,500 product lines with national coverage. Van-Line was acquired by RG Industries as part of the acquisition of Volvox Group (Leeds) Ltd. in June 2015.
The acquisition will give BMAC exclusive rights to Translec’s existing products and technologies bringing together both companies' expertise.
The acquisition is part of BMAC’s ongoing growth strategy and will give the company a greater European market presence and allow BMAC to broaden its product offering, making it a supplier of scale to global rail OEMs. For now, both companies will retain their own identities and customer bases, with a future plan to integrate BMAC’s and Translec’s resources at the BMAC plant in Audenshaw, Manchester.
The combination of both companies' product and technology offering is a strong market proposition, making a significant impact on the scale of the businesses. Synergies between the two companies runs beyond the market potential, with both being committed to product innovation, quality and service.
Vision and Rubicon acquired MG in 2011 and since then have made significant investments. These include modernizing the production facilities in Germany and Hungary, adding a new production facility for Gensets plus adding in-house die casting tool making and machining capabilities.
AIAC is already invested in the die casting industry with sites in Germany and Hungary; its strong presence in Asia will support the further growth of MG, specifically strengthening its Asian presence.
Vision Capital and Rubicon Partners wish the Management and employees of MG a successful future under the ownership of AIAC.
As a result, Boddingtons has trebled sales over the past five years and is on track to grow by at least another 7% in 2015.
Its success is not only focused upon UK markets, but also incorporates the European and US marketplaces. A number of start-up companies, which Boddingtons has supported during their early product development and market introduction activities, are now beginning to produce significant sales.
The strategy has been to target both large and small customers in order to allow a portfolio of products to be built to demonstrate its capability in both the medical and technical sectors.
Its success has meant the necessary expansion of its manufacturing facility in order to meet the growing demand and requirements of its current customer base – as well as to position itself for further growth.
Boddingtons now has planning permission to build a second facility adjacent to the current building with an approved investment of £3–5 million. Within the new facility, 50% will be cleanroom manufacturing, which will increase its current cleanroom capacity five–fold. Work on the building will start in Q3 2015, with production commencing in Q2, 2016.
Ring Automotive, based in Leeds, is the UK’s leading designer and developer of high-tech branded aftermarket vehicle lighting and technical car accessory products. Van-Line, based in Leeds, is a leading distributor of vehicle workshop products and consumables to the independent garage and equipment rental aftermarket. BMAC, based in Manchester, is the UK’s leading designer and manufacturer of lighting and electronic control systems to rail and bus Original Equipment Manufacturers and to the aftermarket. There are c. 220 employees across the Volvox group.
RG Industries was established by Rubicon and Grovepoint to build a global portfolio of high quality industrial businesses, with a focus on complex situations that benefit from RGI’s industrial experience and hands-on operational approach. RGI plans to manage the group as individual businesses providing strategic vision and operational guidance.