Acquisition by Rutland Partners LLP of Millbrook Proving Ground Limited
HMT, led by partner Andrew Thomson and executive Julia Carruthers, advised specialist turnaround and restructuring investor Rutland Partners LLP (“Rutland”) on the acquisition of Millbrook Proving Ground Limited (“Millbrook”), one of Europe’s leading test and engineering solution providers, from US automotive giant General Motors.
Bedford-based Millbrook was founded in 1969 and specialises in engineering services for the automotive, energy and defence markets. Through leading independent technology centres located at the heart of the UK automotive and fuel industries in Bedfordshire, solutions including the design, engineering, testing and development of automotive and propulsion systems are provided to a blue chip client base. The business, which turns over circa £40 million and employs over 400 staff, is a pioneer of low carbon technologies and has been a leading advocate of specialist vehicles amidst increasing emissions legislation.
Rutland, which focuses on businesses headquartered in the UK requiring £10-50 million of equity, has acquired Millbrook from US automotive giant General Motors, who will remain a key customer after the transaction through various long term supply agreements. Under Rutland’s ownership, Millbrook’s access to funds and strategic resources will support its investment in people, technology and growth.
HMT acted for Rutland as corporate finance advisors in respect of a modelling assignment encompassing the production of an integrated financial model and provision of accompanying advice in relation to the model.
Andrew Thomson commented:
“We were delighted to work with David and his colleagues on this important acquisition. Millbrook is market leading firm with the potential for substantial growth alongside positive long-term environmental implications, and under Rutland’s leadership, we have no doubt that both these objectives will be met. We look forward to working with them on future investments.”