A Black Country wheel manufacturer which supports the British Touring Car Championship has been acquired by a team of international investors.
West Bromwich-based Rimstock, which makes and supplies forged and cast aluminium wheels, has been bought by Safanad and Current Capital, together with British entrepreneur, David Roberts.
Rimstock's products are used by original equipment manufacturers and customers in the motorsport and defence sectors alongside its own aftermarket products under the Team Dynamics brand.
It exports to more than 40 countries and has supported the British Touring Car Championship and 30 other prominent motorsport championships around the world.
The undisclosed acquisition includes subsidiaries in France, Germany and the US.
Investment outfit Safanad, which has offices in London, Dubai and New York, has partnered with Current Capital, a New York-based investment and management services firm with automotive expertise.
Mr Roberts, who joins the board as executive chairman, is a veteran executive in this sector who has operated several middle market industrial and automotive businesses.
Stephen Lane will continue in his current role of managing director and chief executive.
He said: "Entrusting over 30 years of British excellence to the new team here at Rimstock is an immense opportunity to accelerate the company's aspirations - to be Europe's leading alloy wheel manufacturer.
"Central to this acquisition is the financial commitment made by the new owners which will be fundamental in further developing and expanding the business.
"We have already secured more space close to our West Bromwich facility, and those expansion plans have already been shared with our key customers, who have been impressed with our aspirations."
Last year, Rimstock secured more than £3 million from the Government's Regional Growth Fund to support its expansion.