Thatcham’s Xtrac bought by MiddleGround Capital

A private equity firm has acquired Thatcham-based transmissions company Xtrac.

MiddleGround Capital announced the completion of the purchase of the automotive-transmission systems manufacturer last week.

Xtrac, which was founded in 1984, is headquartered on Gables Way and is the leading global supplier of professional motorsport and specialised automotive transmission systems.

In addition to Thatcham, it has facilities in Indianapolis and Mooresville, through which it provides technical and after-sales support to key customers in the United States.

The company employs more than 400 members of staff including apprentices that it trains on its undergraduate and apprenticeship schemes.

Xtrac chief executive Adrian Moore said he looks forward to building on the firm’s success and benefitting from MiddleGround’s expertise and guidance through this next stage of expansion.

He said: “Since our establishment, our unwavering commitment to R&D, manufacturing technology, and developing the skills of our people with our award-winning apprentice programme has resulted in the development of innovative, industry-leading products that are of critical importance to our customers.

“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.”

MiddleGround is an operationally focussed private equity firm that makes control investments in middle market business-to-business industrial and specialist distribution companies globally.

It launched its Amsterdam office as a base for its European strategy in January 2023.

MiddleGround founding partner John Stewart said: “Xtrac represents an opportunity to partner with the leading provider of high-performance transmission systems for the specialised motorsport and automotive markets.

“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.”