Private equity buyer for UK inverter maker Helix
A US private equity group has bought the majority of Integral Powertrain in Milton Keynes for its high performance inverter and motor technology.
The deal sees MiddleGroud Capital take control of the company better known as Helix. The founding shareholders will remain minority owners and partners of the business following the transaction.
Established in 1998 as automotive engineering consultancy Integral e-Drive, Helix/Integral Powertrain has focused on the development and production of advanced high-performance electric powertrain designs. These fully-scalable high-power-density electric motors, inverters and controllers 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 including Lotus, electric Vertical Take-Off and Landing (eVTOL) aircraft, electric high-performance motorcycles, and electric watercraft. It has 200 staff in Milton Keynes.
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“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.”
MiddleGround also has investment in Xtrac, which makes transmission systems, and component maker Race Winning Brands. This is the fourth transaction completed by MiddleGround’s European team since the establishment of its Amsterdam office in January 2023.
The value of the deal was not disclosed.
Middleground aims to boost 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.
“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.”
“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.”
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