Close Growth Capital exits racing company

Close Growth Capital, a UK small buyout and growth capital private equity firm, has sold Goodridge, an auto parts supplier, to company management.

Close Growth Capital, an investment arm of Close Brothers, has sold its stake in the management buyout of Goodridge UK, a supplier of car and bike parts for the racing industry, for an undisclosed sum.

Goodridge was originally acquired by Close Growth Capital in May 2001 in a buyout from London-listed private equity firm 3i. Close Growth Capital sold its stake to Goodridge’s incumbent management. Earlier this year, the firm acquired another buisness from 3i, professional sound mixing equipment manufacturer Allen & Heath, in a £9 million secondary buyout.

The 2001 investment was made from its debut fund, CGC Fund I, which closed in 2000 and is now fully invested. Close Growth Capital is currently investing from Fund II, which is 53 percent committed.

Goodridge UK, based in Exeter, specializes in hose, fittings and high-performance fluid transfer systems for original equipment manufacturer and aftermarket clients in the car and bike racing industries.

Clients include Formula One, NASCAR and World Rally Car teams, as well as all-terrain vehicle manufacturers. The company has offices across Europe, North America and Japan and has an annual turnover of £25 million (€37 million), an EBIT of £2 million and approximately 200 staff.

Established in 1999, Close Growth Capital provides combined equity and debt funding for UK small-to-medium enterprise buyouts and growth capital transactions in the UK.