Leading British motorcycle and automotive performance parts brand Goodridge, best known for its braided-steel brake hose assemblies employing aerospace-quality components, has been acquired for an undisclosed sum by RG Industries, a joint industrial investment fund run by private equity firms Rubicon Partners and Grovepoint Capital.
It’s been fairly common knowledge that Goodridge’s shareholders had been seeking an exit strategy since the death of eponymous company founder Stuart Goodridge three years ago. However, most trade observers expected it to be swallowed by Eaton, the huge US parent of rival brand Aeroquip. The fact that Goodridge is to remain an independent entity in UK hands may be of some consolation to them.
Originally established in 1969, Devon-based Goodridge has grown into a global operation with manufacturing and distribution activities in the UK, Europe and North America. It now has an annual revenue in excess of £35m and more than 300 staff worldwide.
Commenting on the takeover, Goodridge group managing director Bill Ray said: “The shareholders are delighted with this transaction. It fulfils the wishes of the company’s late founder, Stuart Goodridge, and we have every confidence that RG Industries will build on and accelerate the company’s success. We would like to thank all our employees, customers and suppliers for their tremendous support over many years.”