Lloyds Bank backs Rubicon Partners’ acquisition of Leeds-based Volvox Group

Leeds-based Volvox Group, a supplier of lighting and electrical parts to the transport and automotive sectors, has been acquired by Rubicon Partners, from Elysian Capital, in a deal supported by Lloyds Bank Commercial Banking.

Acting as the sole mandated lead arranger , Lloyd Bank provided a combination of senior term debt and working capital facilities to support the transaction.

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.

Lloyds Bank Commercial Banking also supported Elysian Capital’s acquisition of the business in 2011 through a secondary buyout. Rubicon’s latest investment will enable the business to capitalize on a number of growth opportunities across all three divisions.

Andrew Fischer, leading the deal for Rubicon Partners, said: “The team at Lloyds Bank has supported Volvox over a number of years and throughout several milestone investments. 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.”

Rob McCann, 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.

“As a result, it is well positioned to capitalise on the continuing strength in the automotive aftermarket, which has grown substantially since 2009 and is expected to continue on this upward trajectory. Our Acquisition Finance and Mid Markets teams in Yorkshire have supported the business throughout its growth journey and look forward to seeing it flourish under Rubicon’s ownership.”

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