Private equity firm MiddleGround Capital has completed its acquisition of Xtrac, the companies announced
Founded in 1984 and headquartered in Thatcham, U.K., Xtrac is a supplier of professional motorsport and specialized automotive transmission systems for internal combustion engine, hybrid, and electric vehicle applications, providing in-house manufacturing as well as design and engineering services, the company said.
Xtrac currently serves as a supplier for teams in Formula One, Formula E, Sportscar and touring car racing, world rallying and off-road racing, IndyCar and NASCAR. In addition to its headquarters in the UK, Xtrac also has facilities in Indianapolis, Indiana, and Mooresville, North Carolina, through which it provides technical and after-sales support to customers in the United States.
“Xtrac represents an opportunity to partner with the leading provider of high-performance transmission systems for the specialised motorsport and automotive markets,” said John Stewart, MiddleGround founding partner. “We believe that under Adrian Moore’s leadership, Xtrac is well-positioned for long-term growth and leading the future transition of the motorsport and high-performance automotive industry to hybrid and EV drivetrains by delivering innovative products in a sustainable manner.”
“Since our establishment, our unwavering commitment to R&D, manufacturing technology, and developing the skills of our people with our award-winning apprentice program has resulted in the development of innovative, industry-leading products that are of critical importance to our customers,” said Moore, CEO at Xtrac. “The whole team at Xtrac in the UK and the USA take pride in our ability to assure our customers that performance and endurance milestones achieved during testing are repeated on the track and during a product’s life cycle by supplying products of the highest quality. By partnering with MiddleGround, we look forward to building on our success and benefitting from their expertise and guidance through this next stage of expansion.”