MiddleGround Capital Completes Acquisition of Majority Ownership Stake in Helix
July 30 2024 - 6:30AM
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 HelixEstablished 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 CapitalMiddleGround 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 HanowitzDukas Linden Public
RelationsMiddleGround@dlpr.com +1 (646) 722-6530
Helix Media Contact:Stuart JaycocksHead of
Marketingmedia@ehelix.com+44 7483 964662