Xtrac acquired by private equity company

MiddleGround Capital, a private equity firm that invests in middle market B2B industrial and specialist distribution companies globally, has confirmed that its European office had completed its first ‘platform acquisition’ with the purchase of Xtrac, a leading manufacturer and supplier of transmissions for top-level professional motorsport and specialist high-performance automotive applications throughout internal combustion engine, hybrid, and electric vehicles.

Founded in 1984 and headquartered in Thatcham, the company provides in-house manufacturing as well as design and engineering services; it is also a longstanding supplier to many of the world’s top professional racing teams, including teams in Formula One, Formula E, sportscar and touring car, world rallying and off-road racing, IndyCar and NASCAR.

The company has also developed relationships with the world’s top hypercar OEMs, providing transmission and mechatronic systems to several of the market’s premier vehicles; and in addition to its headquarters in the UK, Xtrac has facilities in Indianapolis and Mooresville, through which it provides technical and after-sales support to key US customers.

Well-positioned for long-term growth
John Stewart, MiddleGround’s founding partner, said: “Xtrac represents an opportunity to partner with the leading provider of high-performance transmission systems for the specialised motorsport and automotive markets. We believe that under Adrian Moore’s leadership, Xtrac is well-positioned for long-term growth and leading the future transition of the motorsport and high-performance automotive industry to hybrid and EV drivetrains by delivering innovative products in a sustainable manner.”

Mr Moore, Xtrac’s CEO, added: “Since being established, our unwavering commitment to R&D, manufacturing technology, and developing the skills of our people with our award-winning apprentice programme has resulted in the development of innovative, industry-leading products that are of critical importance to our customers.

“The whole team at Xtrac in the UK and the USA take pride in our ability to assure our customers that performance and endurance milestones achieved during testing are repeated on the track and during a product’s life cycle by supplying products of the highest quality. By partnering with MiddleGround, we look forward to building on our success and benefitting from its expertise and guidance through this next stage of expansion.”

Established in 1984, Xtrac employs over 400 highly qualified staff, including those trained through Xtrac’s award-winning apprentice and undergraduate schemes to work on global customer programmes. Furthermore, the company exports around 70% of its manufacturing output to Asia, Australia, Europe, South America, and the USA.