Rivus Fleet Solutions’ owner Aurelius Group is to acquire off-highway wheel manufacturer GKN Wheels & Solutions.
The company produces wheels for plant equipment, farming vehicles and other material handling vehicles, alongside engineering solutions.
It employs 900 people worldwide and has four manufacturing facilities across the UK, USA and Denmark.
Aurelius plans to establish the business under a new brand name and further expand its market-leading position.
Matthias Täubl, member of the executive board of Aurelius, said: “This is an exciting acquisition for Aurelius and provides us with a strong platform for future growth in the off-highway wheels manufacturing sector. We look forward to building on the good work of the GKN Wheels and Structures management team and working with them to ensure a smooth transition in the coming months.”
The transaction is expected to complete in November and is conditional on receiving anti-trust approval.
In 2019, GKN Wheels & Structures generated global sales of more than £170m and is a market leading supplier to the global agricultural, construction, automotive, industrial and mining industries and many of the leading international original equipment manufacturers, distributors and integrators.
Aurelius will work with GKN Wheels & Structures’ existing management team to continue delivering the company’s business plan, while exploring the potential for further sector consolidation and leveraging its operational expertise to help optimise the company’s activities.
Dr Dirk Markus, CEO of Aurelius Group, added: “This acquisition is another example of Aurelius’s strength in acquiring non-core divisions of large corporates and successfully executing these complex transactions. As a global market leader with a strong and committed customer base, GKN Wheels & Structures is well-positioned for future growth under Aurelius’s ownership.”