A Leeds-headquartered supplier of lighting and electrical parts to the transport and automotive sectors has been acquired from Elysian Capital by Rubicon Partners in a deal supported by Lloyds Bank.
Volvox Group designs, sources and distributes products for the private and commercial vehicle aftermarket and has three divisions – Ring, Van-line and BMAC – each serving a different segment of the aftermarket.
Elysian Capital acquired the business in 2011 through a secondary buyout, a deal also supported by Lloyds Bank Commercial Banking. The latest investment by Rubicon will enable the business to realise growth opportunities across all three divisions.
Andrew Fischer, who led the deal for Rubicon Partners, said: "This deal is a major step forward for the business and comes after a period of significant growth.
"With this new investment, and the combined expertise and ambition of the Rubicon and Lloyds Bank teams, we are confident that we can support Volvox in developing its range of unique aftermarket automotive products including high-tech lighting and rechargeable products."
Lloyds Bank Commercial Banking acted as sole mandated lead arranger to provide a combination of senior term debt and working capital facilities to support the transaction.
Rob McCann, a director at Lloyds Bank Commercial Banking, said: "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 to drive new product development and innovation."
Elysian Capital and management were advised by PwC (Leeds) and Squire Patton Boggs (Leeds).
Squires' team was led by corporate partner Paul Mann, assisted by Jessica Kolhorn.