The company, which will continue to manufacture at its Leamington Spa-based plant, is now looking to exploit the investors' financial muscle by expanding in the clutch and drum brake OE and aftermarket sectors. Customers include MG Rover, Ford, Land Rover, Honda, Volvo, Aston Martin, Unipart and Delphi.
Managing director Andrew Richardson led the buyout from the UK/Spanish AP Group. “We can now proceed with the surety of where we are going and what we want to achieve,” he says. We want to build our business further and maximise our abilities as a centre of clutch technology and development.”
The £24m turnover company is being rebranded as Automotive Products Driveline Technology. Rob Parry, corporate finance partner at Heatons which advised on the deal, says the investors have considerable experience in the automotive sector and control companies with revenues in excess of £500m. “Their skills combined with AP will make a powerful and exciting proposition,” he adds.