The recent purchase of leading UK braided brake hose brand Goodridge by manufacturing investment fund RG Industries was supported by the Acquisition Finance arm of Lloyds Bank.
Lloyds provided RG, which is a partnership between private equity firms Rubicon Partners and Grovepoint Capital, with a package of senior debt and revolving credit facilities to facilitate the transaction. The bank’s Mid Markets team in the south-west of England also secured Exeter-based Goodridge’s day-to-day banking relationship.
“Goodridge’s products are known the world over for their quality and durability, and the company is a clear market leader,” commented Martin Cordey, director in Acquisition Finance, Lloyds Commercial Banking. “Its long-term relationships with blue-chip customers, experienced operational management team, well-invested operations and scalable infrastructure have all contributed to its growth story. With the support of a highly experienced investor in the complex industrials sector, Goodridge is ideally positioned to benefit from increasing demand for its high-precision products.
“The deal represents the second we have supported for RG Industries, following its acquisition of Farsound Engineering in 2011, and allows us to back a market-leading business through the next stage of its expansion.”