A gunnercooke team led by Amanda Allen has advised on the sale of Rimstock plc to Safanad and Current Capital.
As the UK’s only premier manufacturer and supplier of forged and cast aluminium wheels, Rimstock operates one of the most advanced design and manufacturing facilities in Europe.
From OEM customers to motorsport, the defence sector, and its own aftermarket offerings under the Team Dynamics brand – Rimstock manufactures high quality, lightweight and optimised forged and cast alloy wheels, exporting to more than 40 countries. The company and its brand, Team Dynamics, is synonymous with motoring and motorsport – supporting the prestigious British Touring Car Championship and 30 other prominent motorsport championships around the world.
The acquisition includes subsidiaries in France, Germany and the United States.
Safanad, a global principal investment firm, is partnering in this acquisition with Current Capital, a New York based investment and management services firm with significant global automotive expertise, and David Roberts, an automotive executive veteran, who has successfully operated several middle market industrial and automotive businesses. The business will remain headquartered in West Bromwich, UK.
The Executive team will be led by David Roberts as Executive Chairman, and Stephen Lane will continue in his role as Managing Director and Chief Executive Officer, within the new organisation.
Rimstock is a long standing client of Amanda’s. She commented, “This is a wonderful opportunity for the management team and its new investors to grow a UK manufacturing business and develop Rimstock, into the leading European alloy wheel manufacturer.”