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Based in Bradford, West Yorkshire, Airedale provides a fully integrated end-to-end solution including design, supply, manufacture and installation of professional kitchens and maintenance services.

Airedale was established by Peter Bywell and John Rhodes in 1985. In 2013, in the context of a management succession, Rob Bywell led a management buyout with the support of Rockpool Investments. The business has expanded rapidly over the last seven years, including through the acquisition of two service businesses which today make it the UK’s largest independent service provider to the professional kitchen market with over 200 engineers.

Rob and the Airedale team will remain as shareholders in the business in their existing executive capacities, while Rockpool and some minority shareholders will be selling all of their shares. Rubicon will work with Rob and the management team in a close partnership to develop and grow the capabilities of the business further, with a particular focus on expanding adjacent product and sector service offering, exploiting technology in support of service offering and starting an international expansion.

Based in Hertfordshire, Bamboo is focused on providing services to the mobile phone insurance industry as well as offering repurposing and recycling solutions to a global client base.

Bamboo was established by founders Juney Mistiki, Dervish Dervish and Paula Hansson in 2009 and has built a very strong reputation as an industry leader, due to their proactive approach in ensuring consistently high quality levels, excellent customer service and outstanding environmental credentials.

The business has an experienced 12 strong management team that gives stability, vision and drive to build global services with its partner requirements.

Juney, Dervish and Paula will remain with the business in their existing executive capacities and Rubicon will work with them in a close partnership to develop and grow the capabilities of the business further.

Over the past 27 years Rubicon has consistently delivered exceptional returns to its investors through a series of long-term deal-by-deal partnerships with institutions and family offices. The transition to an institutional fund structure at a time of significant market uncertainty reinforces Rubicon’s commitment to its strategy as long-term investors in industrial businesses which require, in addition to capital, operational, financial and strategic development.

As a mark of this commitment, the Rubicon team are one of the principal investors in Fund V. The team are honoured to be supported by investors from its previous partnerships as well as by a group of new LPs including leading institutional investors from across the UK, Europe and North America.

The Rubicon strategy – Complex Industrial – is focused on investments which require an experienced, active partner to address transactional and business complexity. Complexity typically comes in the form of businesses with either missing management elements, break-ups / carve-outs or underperfomance. As such, the majority of Rubicon’s investments are acquisitions either from retiring owner-managers and families, or non-core carve-outs from larger industrial groups.

Fund V will continue this strategy by providing a committed base of capital over a long-term period, with an ability to invest in businesses ranging in value from £20m to £200m.

Rubicon has an active pipeline of new investment opportunities and has already made its first investment in Fund V.

Founded by the Payne family in 1947, PSM has established a market leading position as a manufacturer of complex sheet metal components for the niche automotive sector. From its base in Coventry, UK, PSM supports its customers’ demands for prototype tooling and assemblies and low volume production of body-in-white components.

Rubicon have appointed Mark Barge, previously Managing Director of the Performance Products Division of Ricardo plc. as CEO of PSM. Mark is a qualified engineer and has considerable experience and knowledge of the UK low-volume performance automotive sector.

Rubicon Partners have over 25 years’ experience investing in and supporting niche engineering and manufacturing businesses, with PSM being Rubicon’s 74th acquisition. Rubicon Partners are committed to developing and investing into PSM, having already signed off on additional investment and facilities to support further growth.

Farsound, founded in 1986, is a leading global supply chain solutions provider, focused on managing fast moving, C-class and B-class aero-engine parts for aerospace MRO facilities overhauling commercial aero-engines. Farsound manages the procurement and supply of C-class and B-class parts for an increasingly complex and diverse global network of over 300 suppliers, 20,000 part numbers and 120 customers.

Rubicon acquired Farsound from the founding family in 2011. Over eight years of its ownership, Rubicon has supported the business in its investment requirements and in the development of its strategy, sustaining a focus on the aviation MRO sector worldwide, to the benefit of all stakeholders. As a result, the Company, headquartered in Romford, United Kingdom, now has a global footprint, with a presence across Asia, the Middle East, Europe and North America.

Rubicon Partners is an investment partnership focused on acquiring complex industrial businesses across the UK and Europe. Over the past 26 years the firm has acquired 74 industrial manufacturing, distribution and service companies, ranging in value from GBP 15m to GBP 250m.

Rubicon focuses on opportunities for long-term value creation through working closely with company management in addressing strategic opportunities and operational performance. The firm has extensive experience in acquiring from private family ownership, retiring owner managers, corporations and private equity funds.

With the acquisition of Ring, the aftermarket specialist in the field of automotive lighting, electronics and accessories, the high-tech company Osram is expanding its product range in the automotive sector. “With the acquisition of Ring Automotive, we are further expanding our aftermarket portfolio and can at the same time use stable distribution channels in the United Kingdom,” says Hans-Hans-Joachim Schwabe, CEO Osram Automotive. With 160 employees, Ring Automotive achieved annual sales of around GBP 40m in 2017.

By acquiring Ring Automotive, Osram is investing in the future: the British company has an established, valuable brand and a well-placed sales model in the automotive aftermarket sector. In addition, Ring’s product portfolio goes far beyond classic automotive lighting and complements Osram’s product range. Ring, for example, is particularly successful in the field of electronic car accessories and is represented by over 3000 specialist dealers in over 60 countries with around 6,000 products.

In addition, Osram will give the Ring portfolio access to the US market via the established Osram Sylvania channels and opens up new sales potential in Europe and the rest of the world with a differentiated brand strategy. George Skalski, Managing Director of Ring Automotive said, “We look forward to working alongside Osram and believe that the transaction is very positive news for all of our colleagues and customers. The acquisition secures continued investment in the business, which will support our future growth plans and our leading-edge product innovation.“

Rubicon acquired Ring in 2015 through its acquisition of Volvox Group. Under its stewardship Ring expanded its technology and product range through significant investment in R&D and product development, together with expanding its distribution footprint in Continental Europe.

Founded in 1987, Fibron is the leading global supplier of sub-sea umbilicals to the offshore oil & gas, remotely operated vehicles, geophysical, diving, defense and oceanographic markets. From its headquarters in Hertfordshire, UK, the Company designs, engineers and manufacturers umbilicals for safety- and process- critical applications around the world. It was acquired by Actuant in 2008.

Rubicon Partners (www.rubiconpartners.com) is a hands-on investment partnership focused on acquiring complex industrial businesses across Europe and North America. Over the past 25 years the firm has invested in 73 industrial manufacturing, distribution and service companies, ranging in value from £15m to £250m. The acquisition of Fibron from Actuant represents Rubicon’s 52nd new investment acquisition through a corporate carve-out.

Evolve specialises in the identification and correction of settlement and billing errors as well as the accuracy of standing data. Customers include three of the “Big 6” energy suppliers in the UK, as well as a number of independent challenger utilities, with Evolve capturing data for over 17 million meter points. The software, analytical systems and methodologies developed by Evolve deliver significant financial and operational performance benefits for clients. Evolve offers their extensive Intellectual Property on a Software as a Service (SaaS) basis delivering a high proportion of recurring revenue (FY19 forecast 58%) and margins in excess of 50%.

The acquisition of Evolve further strengthens Gentrack’s position as an industry leader in the UK for utility billing and customer information systems by providing highly complementary software services, intellectual property and customer relationships.

John Clifford, Gentrack Chairman said, “We are delighted that Evolve is joining the Gentrack group. The combined UK business is well positioned to provide highly innovative, value enhancing solutions to UK energy and water utilities and provides a strong base for expansion into new markets.”

Ian Black, Gentrack CEO said, “The acquisition of Evolve extends Gentrack’s offering into data settlement and billing reconciliation solutions. Following the acquisition, Gentrack will have 53 utilities customers in the UK with an increased exposure to the “Big 6″ energy suppliers. We expect the Evolve solutions to be highly valuable to our existing UK customer base, and there is an opportunity to extend this new offering to the Australian and New Zealand markets.”

The senior management of Evolve will remain with the business to drive its ongoing success.

Rubicon acquired Evolve in January 2016 as part of the acquisition of the EnServe Group with a strategy of establishing each of the group companies (Freedom, Metro Rod, Meter-U and Evolve Analytics) as stand-alone businesses. Under its stewardship, Evolve transitioned its business model from a business-to-business analytics service company serving the energy utility market to a SaaS model with long term recurring contracts.

Freedom provides engineering and maintenance services (hard FM) particularly within utilities, working primarily with electricity distribution networks and private network owners. Their key customers include Northern Powergrid, UK Power Networks, Scottish Power, Electricity North West, Yorkshire Water and the Port of Felixstowe.

Freedom is structured across four divisions (Civil Asset Management, Network Services, Power and Professional Solutions) and delivers a large proportion of its revenue through long-term framework agreements. The Company has its headquarters in Wakefield, with four regional hubs across the UK, nine operational depots and two design hubs, employing c. 600 people.

Rubicon acquired Freedom in January 2016 as part of the acquisition of the EnServe Group with a strategy of establishing each of the group companies (Freedom, Metro Rod, Meter-U and Evolve Analytics) as stand-alone businesses. Through removing the EnServe head-office and providing direct strategic input to the autonomous management teams within each of the group companies, these businesses have improved performance and positioning in their respective markets.

NG Bailey is the UK’s largest independent engineering, IT and facilities services business. NG Bailey offers integration from the outset of a project, from planning and design through the supply chain, to offsite manufacture, installation and maintenance.

As a market leader, the company is committed to offering tailored and innovative solutions and has a proven track record in doing so in a broad range of market sectors.

Based in Somerset, Aquamain is a provider of self-lay water utility services, including mains and plot connections to the UK’s leading housing developers and regional water companies.

Aquamain was established by founders Gary and Suzanne McConnell in 2004 and has built a reputation as an industry leader in innovation and customer service. Gary will remain with the Company as a shareholder and advisor and will continue to hold positions on a number of industry forums.

Mark Perkins will join the Board as Executive Chairman. Mark has worked with Rubicon and Grovepoint on a number of investments and has held senior positions with EnServe Group, Wates and Shepherd Group.

RG Industries was advised by PwC (Financial, Tax and Commercial) and Proskauer Rose (Legal). Debt facilities were provided by Lloyds Strategic Debt Finance. Isca Ventures acted as the lead corporate finance adviser to the shareholders and management team.