Exeter manufacturer expands to Italian market with acquisition

An Exeter-based manufacturer of premium fluid transfer systems has acquired its Italian distributor with the support of a £2.65million loan from Lloyds Bank Commercial Banking.

Goodridge, established in 1969, is a global leader in the manufacture and assembly of premium fluid transfer systems for high-performance applications to the automotive, defence and motorsport industries. Goodridge currently supplies its products to customers across the UK, USA, Europe, Japan and China.

The business has acquired its long-term Italian distributor Gieffe Racing. Gieffe is a key partner with the majority of motorsport companies in Italy, and supplies a wide range of products, from brake lines and fuel cells, to brake pads and clutches. The acquisition has boosted the company’s annual turnover by £7.5million and is part of Goodridge’s plans to expand its range of products and services in Europe.

To support the acquisition, the team turned to its day-to-day banking provider Lloyds Bank and the loan was provided by the Bank’s Strategic Debt Finance team. Goodridge is owned by investment group, Rubicon Partners, who also supported the acquisition.

Goodridge has ten global facilities based in the UK, USA, Mexico, Germany, France, Netherlands, Spain, Japan and now Italy. The business has an annual turnover of £47million and employs 150 members of staff at its Exeter site.

Jon Hourihan, chief executive of Goodridge EMEA&A, said: “Gieffe Racing is a company we’ve admired for a long time. The recent acquisition means we’re able to further establish our products and services in Italy and give the team at Gieffe Racing the support of being a part of a multinational group.

“The acquisition marks our fifth subsidiary business in Europe and we’ve got ambitious plans to grow even further in the next twelve months. We’ve enjoyed a long-standing relationship with the team at Lloyds Bank and we’re looking forward to working with them as we continue to grow.”

Camille Sixsmith, associate director at Lloyds Bank Strategic Debt Finance, said: “It’s encouraging to see an established local business, like Goodridge, harnessing international demand and capitalising on new opportunities in Europe through this important strategic acquisition.

“We’re committed to helping Britain prosper by supporting ambitious mid-sized businesses like Goodridge, and by providing cross-department funding and support; we’ve been able to encourage sustained growth.”