Car industry supplier Volvox Group has been acquired by industrial industry investment specialist Rubicon Partners for an undisclosed sum.
Volvox, which specialises in lighting and electrical parts for transport and automotive companies, and operates three divisions – Ring, Van-line and BMAC – which serve different parts of the secondary auto market.
It was sold by former investor Elysian Capital for an undisclosed sum. The deal was backed by Lloyds Bank Commercial Banking, which provided senior-term debt and working capital.
Elysian Capital acquired the business in 2011 through a secondary buyout, which was also supported by Lloyds Bank Commercial Banking.
The latest investment will enable the business to act on growth opportunities across all three divisions.
Andrew Fischer, partner at Rubicon, said the deal is a “major step forward” for the business, which will enable it to develop its high-tech lighting and rechargable product range.
Rob McCann, director at Lloyds Bank Commercial Banking, added: “Volvox Group’s performance has remained buoyant throughout the economic downturn thanks to a strong management team, long-standing customer relationships and an in-house design function.
“It is well positioned to capitalise on the continuing strength in the automotive aftermarket.”