CURRENT CAPITAL LLC ACQUIRES LEADING AUTOMOTIVE SUPPLIER
(New York, NY – June 8, 2016) – Current Capital LLC (“Current Capital”), a private equity investing and management services firm focused on middle market and smaller companies in the industrial and services industries, announced that it has completed the acquisition of Rimstock Plc (“Rimstock”), the leading manufacturer of cast and forged aluminum automotive wheels in the United Kingdom for the automotive aftermarket and original equipment manufacturers.
Current Capital is partnering in this acquisition with Safanad, a global principal investment firm, and David Roberts, an experienced automotive executive who has successfully run several middle market industrial and automotive businesses. Steve Neal, the controlling shareholder and the Founder and Chairman of Rimstock, will step down, and Roberts will replace Neal as the Executive Chairman of Rimstock. The business will remain headquartered in West Bromwich, United Kingdom.
David Roberts, Executive Chairman of Rimstock, commented:
“I am excited to work with Chief Executive and Managing Director, Steve Lane, to continue to provide the most advanced automotive wheels to our global customers who are the leading luxury brands in the industry. Steve Neal founded and developed a wonderful company. Rimstock now has strong financial sponsors with a wealth of knowledge in the industry.”
Craig Kahler, Director of Private Equity at Safanad, added:
“We are delighted to team with Current Capital, a firm that has had substantial experience and success in automotive investing and Board service. I am very pleased that Glenn Mercer, an Advisory Board Member at Current Capital and former Partner – Automotive at McKinsey, and Jonathan Foster , Founder and a Managing Director of Current Capital, will join the Board of Rimstock. Safanad very much looks forward to its partnership with Current Capital and David Roberts, as we help Rimstock leverage its history and capabilities to become an even stronger supplier to global automotive manufacturers.”
Stephen Lane, Managing Director and Chief Executive Officer of Rimstock, said
“Entrusting over 30 years of British excellence to my team here at Rimstock is an important opportunity to accelerate the company’s aspirations – to be the leading alloy wheel manufacturer. Central to this acquisition is the financial commitment made by the new owners which will be fundamental in further developing and expanding the business. Our expansion plans have been shared with our key customers who are excited.”
Jonathan Foster, Founder and a Managing Director of Current Capital, went on to say:
“We are thrilled to join Safanad, David Roberts and the entire Rimstock team to help accelerate growth. This is our firm’s second automotive investment; we have also completed a number of management services projects in this sector. Rimstock’s strong brand and commitment to new technologies, along with the increasing importance of wheels to differentiate automobiles, position the company well for continued success.”
This acquisition was financed with equity from Current Capital Wheels LLC, a special purpose vehicle established by Current Capital, Safanad and David Roberts. Richard S. Green, Attorney and Counselor at Law, provided legal counsel to Current Capital, and Jenner & Block and Gowling WLG acted as legal counsel to Safanad.
For Current Capital LLC Media Enquiries: Jonathan F. Foster, Current Capital LLC
Telephone: +1 212 737 3671
About Rimstock Plc
Headquartered at the centre of the UK’s automotive industry, Rimstock Plc designs and manufactures, high quality, lightweight and optimized forged and cast alloy wheels and exports to more than 40 countries.
The Group’s leading aftermarket alloy wheel brand, Team Dynamics, is eminent amongst the global motorsport community.
Founded in 1985 by Steve Neal, its West Bromwich base comprises state-of-the-art facilities, taking customers’ initial design concepts, through to manufacture and distribution and employs over 230 people.
About Current Capital LLC
Current Capital LLC (www.currentcap.com) is a private equity investing and management services firm comprised of operating executives and investment professionals that helps create value, primarily in middle market and smaller companies in the industrial and services industries. The firm brings an integrated operating, finance and investment approach to two large sectors, industrial and services, where it has extensive experience, relationships and perspectives. In addition to its private equity investing business, Current Capital’s management services include managing investments, sitting on Boards of Directors and providing related consulting services for other investors and financial institutions; providing Chief Restructuring Officer services; and offering advice and expert witness services in complex corporate litigation.
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.