Prodrive adds Tickford to engineering portfolio
Prodrive, the Banbury-based motorsport and automotive technology group, has created one of the world's largest independent vehicle technology businesses with the acquisition of automotive engineering specialists Tickford
The purchase of Tickford creates a combined workforce of nearly 900 and an annual turnover of £100 million. With bases in the UK, USA and Australia, the group will target the growing global demand for specialist outsourced automotive technology - a market already valued at nearly £3 billion per year.
Prodrive is best known for running Subaru's World Rally Championship attack and taking Ford to the BTCC title last year, but is also already a sizeable presence in bespoke engineering and design work for a number of major manufacturers.
Tickford has particular expertise in engine development and testing, alternative fuels and the design and manufacture of limited-edition performance vehicles for major vehicle manufacturers and will join Prodrive's existing Automotive Technology division.
"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," said Prodrive chairman David Richards. "This acquisition has immediately elevated Prodrive into one of the major players in the automotive technology sector.
"It puts us a step closer to our intended stock market flotation within the next two to three years," he added.
The acquisition also includes a 50 percent share in three joint ventures in the USA and Australia, giving Prodrive enhanced access to the North American and Asia-Pacific car markets.
Prodrive also announced that Nick Fry has been promoted from head of the Automotive Technology division to group managing director at Prodrive. Fry was previously a senior director at Ford and managing director of Aston Martin.
"Nick Fry and I will continue to look for suitable acquistions and to work together to build Prodrive into one of the world's leading vehicle technology businesses," said Richards.
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