Safanad has acquired a controlling stake in UK-based Rimstock, a maker of cast and forged aluminum automotive wheels. No financial terms were disclosed for the transaction that was done in partnership with Current Capital and UK executive David Roberts. As a result of this deal, Roberts will replace Steve Neal as Rimstock’s executive chairman as well as join the board of Rimstock Holdings Limited, the parent company of Rimstock.
NEW YORK, June 9, 2016 /PRNewswire/ — Safanad, a global principal investment firm, is pleased to announce that an affiliate has acquired a controlling interest in Rimstock Plc (“Rimstock” or the “Company”).
Rimstock is the leading manufacturer of cast and forged aluminum automotive wheels in the United Kingdom for the automotive aftermarket and original equipment manufacturers. Rimstock, which recently celebrated its 30th year in manufacturing, employs over 230 people at its facilities in the West Midlands, England, the heart of U.K. automotive manufacturing.
Safanad is partnering in this acquisition with New York based investment firm, Current Capital, and UK executive David Roberts. Roberts is an experienced automotive executive who has successfully operated several middle market industrial and automotive businesses. Current Capital bring significant global automotive industry experience both as investors as well as providing management services in the sector. Roberts will replace Rimstock founder, Steve Neal, as the Executive Chairman of Rimstock and will join the board of Rimstock Holdings Limited, the new parent company of Rimstock Plc. The business will remain headquartered in West Bromwich, United Kingdom. Additionally, Glenn Mercer, an auto industry veteran and a former Partner in the automotive practice at McKinsey, will join the Board of Rimstock Holdings Limited.
Craig Kahler, Director of Private Equity at Safanad, commented, “Rimstock is well positioned in the premium automotive market and has a demonstrated success of meeting the demands of the most demanding OE customers. We are thrilled to support Steve Lane, Managing Director and CEO, and the rest of the management team as they expand their operations to meet the needs of their growing customer base.”
David Roberts, Executive Chairman, added, “Rimstock is exceptionally well positioned for continued growth. I am excited to join the organization with the support of Safanad and Current Capital to take the Company to the next level.”
Steve Lane, Managing Director and CEO, Rimstock, said “We’re proud to partner with Safanad and Current Capital, who are aligned with Rimstock’s vision of the future and the strategic plan to get there. Our potential for accelerated growth to meet the needs of our customers is well supported.”
Jenner & Block and Gowling WLG provided legal counsel to Safanad. Richard S. Green, Attorney and Counselor at Law, provided legal counsel to Current Capital.
Safanad is a global principal investment firm that invests in real estate, private equity and public markets. As principal investors, Safanad preserves and grows wealth through a disciplined industry focused investment approach that builds relationships with exceptional management partners and top industry leaders. With offices in New York, Dubai and London, the firm seeks to identify global investment opportunities poised to deliver consistently attractive returns, where the firm’s capital and investment expertise support value creation. For more information, visit www.safanad.com
Headquartered at the centre of the UK’s automotive industry, Rimstock Plc design and manufacture high quality, lightweight and optimised forged and cast alloy wheels, exporting to more than 40 countries. The group’s leading aftermarket alloy wheel brand, Team Dynamics, is eminent amongst the global motorsport community, and its support of several internationally prominent motorsport series, revered. Founded in 1985 by Steve Neal, its West Bromwich, England, UK base comprises state-of-the-art facilities, taking customers’ initial design concepts, through to manufacture and distribution, and employs over 230 people. For more information, visit www.rimstock.com