Rimstock, which specialises in alloy and aluminium wheels, has been bought by a consortium led by two US-based investment firms – Safanad and Current Capital.
Together with British entrepreneur David Roberts, they have acquired the West Bromwich company for an undisclosed sum. Mr Roberts will become its executive chairman, while Stephen Lane will continue in his role as managing director and chief executive.
With a turnover of £17 million and 230 employees, Rimstock operates the Team Dynamics brand, which supports more than 30 motor-sport championships around the world.
Mr Lane said: “Entrusting over 30 years of British excellence to the new team here at Rimstock is an immense opportunity to accelerate the company’s aspirations — to be Europe’s leading alloy-wheel manufacturer. The financial commitment made by the new owners will be fundamental to further developing and expanding the business.
“We have already secured more space close to our West Bromwich facility, and those expansion plans have already been shared with our key customers.”
The acquisition also includes subsidiaries in France, Germany and the USA.