PRESS RELEASE - Prodrive acquires Tickford
21 May 2001, 03:55 PM
#1
- £100 million global motorsport and automotive technology business created -
Prodrive, the leading British motorsport and vehicle technology group, announces today that it has acquired the Tickford group of automotive engineering companies to create one of the world’s largest independent motorsport and automotive technology businesses. The acquisition puts Prodrive in a stronger position to target the growing global demand for specialist outsourced automotive engineering, an industry worth Î4bn a year*.
The new group will have a combined turnover of more than £100 million and pre-tax profits in excess of £7 million, with significant growth forecast over the next 12 months.
Prodrive’s current shareholding directors and Apax Partners are providing funding for the cash acquisition.
Tickford, as well as being a strong and respected brand in the motor industry, is one of the United Kingdom’s leading engineering consultancies. It has particular strength in engine development and testing, as well as alternative fuels and niche performance vehicles. Tickford employs 400 people around the world and has operations in the United Kingdom, the United States and Australia.
Founded by David Richards in 1984, Prodrive is already one of the world’s largest and most successful motorsport businesses, running the Subaru World Rally Team, as well as international GT and touring car racing programmes. The other division within Prodrive, Automotive Technology, complements the company’s Motorsport division and allows it to transfer the technology and culture of motorsport to road vehicles. Tickford’s operations in the UK and overseas will become part of this division and will help Prodrive achieve its goal of becoming a world leader in the automotive technology sector.
The acquisition includes Tickford’s share in three joint ventures in the USA and Australia, giving Prodrive greater access to the important North American and Asia-Pacific markets. Tickford Vehicle Engineering in Australia is a joint venture with Ford, while in the US, Tickford Engelhard specialises in catalyst technology and Tickford Badillo in engine calibration.
Prodrive has appointed Nick Fry as group managing director. He joined the company at the beginning of the year and was previously a senior director with Ford, which included a period as managing director of Ford subsidiary, Aston Martin.
* Source: Dresdner Kleinwort Benson
Commenting on the acquisition David Richards, Prodrive’s chairman, said
“We have been looking at potential acquisitions in both the motorsport and automotive industries for the last 18 months, but none were as good a fit as Tickford. It has immediately elevated Prodrive into one of the major players in the automotive technology sector and puts us a step closer to our intended IPO within the next two to three years. Nick Fry and I will continue to look for suitable acquisitions and to work together to build Prodrive into one of the world’s leading vehicle technology businesses.”
Tickford was advised by Livingston Guarantee
Prodrive, the leading British motorsport and vehicle technology group, announces today that it has acquired the Tickford group of automotive engineering companies to create one of the world’s largest independent motorsport and automotive technology businesses. The acquisition puts Prodrive in a stronger position to target the growing global demand for specialist outsourced automotive engineering, an industry worth Î4bn a year*.
The new group will have a combined turnover of more than £100 million and pre-tax profits in excess of £7 million, with significant growth forecast over the next 12 months.
Prodrive’s current shareholding directors and Apax Partners are providing funding for the cash acquisition.
Tickford, as well as being a strong and respected brand in the motor industry, is one of the United Kingdom’s leading engineering consultancies. It has particular strength in engine development and testing, as well as alternative fuels and niche performance vehicles. Tickford employs 400 people around the world and has operations in the United Kingdom, the United States and Australia.
Founded by David Richards in 1984, Prodrive is already one of the world’s largest and most successful motorsport businesses, running the Subaru World Rally Team, as well as international GT and touring car racing programmes. The other division within Prodrive, Automotive Technology, complements the company’s Motorsport division and allows it to transfer the technology and culture of motorsport to road vehicles. Tickford’s operations in the UK and overseas will become part of this division and will help Prodrive achieve its goal of becoming a world leader in the automotive technology sector.
The acquisition includes Tickford’s share in three joint ventures in the USA and Australia, giving Prodrive greater access to the important North American and Asia-Pacific markets. Tickford Vehicle Engineering in Australia is a joint venture with Ford, while in the US, Tickford Engelhard specialises in catalyst technology and Tickford Badillo in engine calibration.
Prodrive has appointed Nick Fry as group managing director. He joined the company at the beginning of the year and was previously a senior director with Ford, which included a period as managing director of Ford subsidiary, Aston Martin.
* Source: Dresdner Kleinwort Benson
Commenting on the acquisition David Richards, Prodrive’s chairman, said
“We have been looking at potential acquisitions in both the motorsport and automotive industries for the last 18 months, but none were as good a fit as Tickford. It has immediately elevated Prodrive into one of the major players in the automotive technology sector and puts us a step closer to our intended IPO within the next two to three years. Nick Fry and I will continue to look for suitable acquisitions and to work together to build Prodrive into one of the world’s leading vehicle technology businesses.”
Tickford was advised by Livingston Guarantee
21 May 2001, 04:45 PM
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<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:<HR>Originally posted by Blow Dog:
<B>Bin it?[/quote]
Such bitterness from one so young...
Tickford fettled the Racing Puma, so this a Good Thing...
<B>Bin it?[/quote]
Such bitterness from one so young...
Tickford fettled the Racing Puma, so this a Good Thing...
21 May 2001, 05:50 PM
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Would that be the same Racing Puma that costs 21.5K and goes rusty within 6 months then??
Oh, and there's the Tickford Capri Turbo - great idea - turbo-charge a hedge seeking missile
Still Tickford did do work on various Aston's (i believe) and do great interiors (do i see a cunning plan emerging)
Tickford may have some very talented people but i doubt they can do much with the MY 01
I'll be getting my flameproof coat then...
[This message has been edited by Paul Habgood (edited 21 May 2001).]
Oh, and there's the Tickford Capri Turbo - great idea - turbo-charge a hedge seeking missile
Still Tickford did do work on various Aston's (i believe) and do great interiors (do i see a cunning plan emerging)
Tickford may have some very talented people but i doubt they can do much with the MY 01
I'll be getting my flameproof coat then...
[This message has been edited by Paul Habgood (edited 21 May 2001).]
21 May 2001, 10:49 PM
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<B>Prodrive is already one of the world’s largest ..... as well as international GT </B>
Seems they can't actually build a FIA GT car though, seems they put the gearbox into the 550 the wrong way around according to Motorsport News
I'm not knocking them, just hope they don't get so big that they can no longer produce creative innovations.
Good luck to them I say.
Cheers
Ian
Seems they can't actually build a FIA GT car though, seems they put the gearbox into the 550 the wrong way around according to Motorsport News
I'm not knocking them, just hope they don't get so big that they can no longer produce creative innovations.
Good luck to them I say.
Cheers
Ian
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22 May 2001, 12:44 AM
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<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:<HR>Originally posted by Paul Habgood:
<B>Would that be the same Racing Puma that costs 21.5K and goes rusty within 6 months then??[/quote]
i thought the racing puma was 23k new. a mate has one and it is the best handling car i have every been in, but some bits have rusted (mesh grille on the front splitter and wheel hub centre Ford bits have gone cack) but Ford Racing have replaced them instantly.
dave
<B>Would that be the same Racing Puma that costs 21.5K and goes rusty within 6 months then??[/quote]
i thought the racing puma was 23k new. a mate has one and it is the best handling car i have every been in, but some bits have rusted (mesh grille on the front splitter and wheel hub centre Ford bits have gone cack) but Ford Racing have replaced them instantly.
dave
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