MiddleGround Capital Completes Acquisition of Majority Ownership Stake in Helix
30 July 2024 - 11:30AM
UK Regulatory
MiddleGround Capital Completes Acquisition of Majority Ownership
Stake in Helix
MiddleGround’s Europe team completes Mobility Thesis
investment in UK-based designer and manufacturer of
high-performance electric motors and inverters
LEXINGTON, Ky. and AMSTERDAM, July 30, 2024 (GLOBE
NEWSWIRE) -- MiddleGround Capital (“MiddleGround”), an
operationally-focused private equity firm that makes control
investments in North American and European headquartered middle
market B2B industrial and specialty distribution companies, today
announced it has acquired a majority ownership stake in Integral
Powertrain Ltd. (“Helix” or the “Company”), a leading designer and
manufacturer of high-performance electric motors, high-voltage
inverters, and integrated electric drive units for a variety of
rapidly-growing applications in the Mobility sector. The Company’s
founding shareholders will remain minority owners and partners of
the business following the transaction.
Headquartered in Milton Keynes, U.K., and initially established
in 1998 as an automotive and motorsport engineering consultancy,
Helix, since 2009, has focused on the development and production of
advanced high-performance electric powertrain solutions. The
Company’s range of fully-scalable high-power-density electric
motors, inverters, and EDUs are engineered and manufactured
in-house and have applications in several high-growth e-mobility
markets, including top-level Motorsport, electric hypercars and
supercars, electric Vertical Take-Off and Landing (eVTOL) aircraft,
electric high-performance motorcycles, and electric watercraft.
“Our investment in Helix represents a continuation of our
strategy of partnering with leading companies aligned with our
Mobility Thesis, particularly given their pioneering,
high-performance motor and inverter technology,” said John Stewart,
MiddleGround Founding Partner. “The Company is well-positioned to
scale its product offerings and expand its addressable market,
capitalizing on the shift towards electric vehicles. We are very
excited to lend our deep operational experience to their talented
team, and to assist them in reaching their next stage of
growth.”
“We are thrilled to expand our coverage of hypercar and
motorsport sectors and to build our presence in marine and
aerospace with this strategic investment,” said Alex Van Der Have,
MiddleGround Managing Director, Investments. “Helix is a leader in
developing advanced powertrain solutions, and our teams have a
natural alignment on how best to approach this fast paced and
growing industry sector.”
Helix stands as one of the most trusted sources for
high-performance electric propulsion solutions in the Motorsport,
high-performance automotive, and other e-mobility markets, with
strong design and engineering capabilities. MiddleGround aims to
add value and unlock future revenue growth by further enhancing
Helix's commercial strategy, building out production capacity to
meet increasing demand, implementing procurement best practices,
investing in new product development, and expanding into new
markets and product segments within the United States.
“For 15 years Helix has been a pioneer in the realisation of
powerful, compact, efficient electric drive systems enabling our
clients to achieve outstanding, often record-breaking products,”
said Darren Cairns, Helix Director and CEO. “We have established a
proven track record, and our Scalable Core Technology has become
one of the most trusted sources for high-performance electric
propulsion products in the eMotorsport and hypercar markets. With
the support of MiddleGround’s operational expertise and guidance, I
am confident that we will have the necessary tools to continue to
ramp up growth efforts and reach a wider range of clients at a
greater scale.”
MiddleGround Capital has deep experience in the high-performance
motorsport sector through its portfolio investments in Xtrac, a
leading global supplier of professional motorsport and specialized
high-performance automotive transmission systems, and Race Winning
Brands, a leading manufacturer and marketer of racing and
high-performance engine components sold to the automotive and
powersports markets. The investment in Helix represents the fourth
transaction completed by MiddleGround’s European team since the
establishment of its Amsterdam office in January 2023.
Clifford Chance LLP served as legal advisor to MiddleGround.
Alvarez & Marsal served as financial and tax advisors to
MiddleGround.
About Helix
Established in Milton Keynes in the UK, Helix (formerly Integral
e-Drive) is a manufacturer of the world’s most power-dense electric
motors and inverters. They are a full-service supplier of premium
electric powertrains, providing access to outstanding performance
for makers of electric and hybrid cars, motorcycles, and boats, as
well as next-gen industrial and aerospace applications, through its
proprietary Scalable Core Technology (SCT). Helix’s powertrain
advantage is ultimate power density that is delivered through its
3-tier motor and inverter product hierarchy. Manufacturing at their
new flexible facility in Milton Keynes means a secure, reliable
end-to-end supply solution for product offerings. Originally
established in 1998 as an ICE consultancy, Helix has been
recognized as a designer and manufacturer of electric motors and
inverters since 2009. The company employs around 200 employees and
has approximately 86,000 square feet of engineering and
manufacturing space across three sites in Milton Keynes, United
Kingdom. For further information, please visit ehelix.com.
About MiddleGround Capital
MiddleGround Capital is a private equity firm based in Lexington,
Kentucky with over $3.5 billion of assets under management.
MiddleGround makes control equity investments in middle market B2B
industrial and specialty distribution businesses. MiddleGround
works with its portfolio companies to create value through a
hands-on operational approach and partners with its management
teams to support long-term growth strategies. For more information,
please visit: https://middleground.com/.
MiddleGround Capital Media Contact:
Doug Allen/Maya Hanowitz
Dukas Linden Public Relations
MiddleGround@dlpr.com
+1 (646) 722-6530
Helix Media Contact:
Stuart Jaycocks
Head of Marketing
media@ehelix.com
+44 7483 964662