Private equity firm MiddleGround Capital’s European office has completed its first platform acquisition with the purchase of Xtrac, a manufacturer and supplier of transmissions for professional motorsport and high-performance automotive applications.
Based in Thatcham in the UK, Xtrac produces a wide array of specialist automotive transmission systems for ICE, hybrid and electric vehicles and has in-house manufacturing, design and engineering capabilities. To date, the company’s transmissions have seen use in Formula 1, NASCAR, world rallying and other competitive race series.
Xtrac has additional facilities in Indianapolis and Mooresville in the USA, which are used to provide technical support to customers.
“Xtrac represents an opportunity to partner with the leading provider of high-performance transmission systems for the specialized motorsport and automotive markets,” said John Stewart, founding partner, MiddleGround. “We believe that under Adrian Moore’s leadership, Xtrac is well-positioned for long-term growth and leading the future transition of the motorsport and high-performance automotive industry to hybrid and EV drivetrains by delivering innovative products in a sustainable manner.”
“Since our establishment, our unwavering commitment to R&D, manufacturing technology, and developing the skills of our people with our award-winning apprentice program has resulted in the development of innovative, industry-leading products that are of critical importance to our customers,” commented Adrian Moore, CEO, Xtrac. “The whole team at Xtrac in the UK and the USA take pride in our ability to assure our customers that performance and endurance milestones achieved during testing are repeated on the track and during a product’s lifecycle by supplying products of the highest quality. By partnering with MiddleGround, we look forward to building on our success and benefitting from their expertise and guidance through this next stage of expansion.”
“We are thrilled to announce this first acquisition for our recently established European office in Amsterdam,” said Alex van Der Have, managing director for investments, MiddleGround. “Xtrac is a great company, and, in light of positive market tailwinds, we see much potential for growth driven, in particular, by burgeoning consumer demand for high-performance transmissions for hypercars and motorsport. With this investment to support growth, customers will certainly benefit from Xtrac’s enhanced capacity and capability.”