Disposal of Volvox Group (Leeds) Limited
Elysian Capital I LP, the independent private equity fund specialising in the UK lower mid‐market, along with the company’s management has sold Leeds based Volvox Group to Rubicon Partners, an investment partnership focused on the acquisition of industrial businesses in Europe and North America.
Volvox is a leading technology and service group supplying lighting, electrical and consumable products for both professional and private use to the international transport industry and automotive aftermarkets.
Elysian supported a secondary buyout led by CEO, John Hall, in November 2011. Since that time the group has successfully grown within the UK and internationally, continuing its track record of market leading product innovation. Arctic Products, a supplier of consumables for the plumbing and heating markets was sold in July 2014 to leave the group focused on the automotive and transport markets.
John Hall, who retired at completion of the deal, commented: “In 2011 we wanted to grow our business to the next level with support from a PE partner with operational expertise. Elysian was able to provide that expertise, assisting us to grow the business significantly within both the UK and European markets and I know I am leaving the group with a strong platform for future growth.”
James Cunningham, Operating Partner of Elysian and Chairman of Volvox until the sale, said: “We are pleased to have helped John and his team develop the potential that we all saw in the company in 2011. The strategic reviews that we helped them undertake and the subsequent development of customer facing business units has again demonstrated the value that Elysian’s operating model can bring to entrepreneurial management teams.“
Elysian Capital and management were advised by PwC (Leeds) and Squires Patton Boggs (Leeds).
The sale of Volvox represents the third realisation from Elysian Capital I in the last 8 months following the recent sales of IPS and The Landscape Group.