News: LDC commit to engineering and manufacturing sector

Mid-market private equity provider, LDC, has announced that it has increased its new investment funding commitment to specialist engineering and manufacturing businesses to £300m.

Part of the Lloyds Banking Group, the firm provides private equity to support management buy-outs, help business owners sell a percentage and release equity in their business, fund expansion or make acquisitions.

After announcing an initial commitment of £200m to the sector in October 2011, LDC has since completed eleven new investment transactions into manufacturing and specialist engineering businesses, placing total equity funding of more than £190m. Following this success, the private equity firm will now look to invest an additional £100m more than its original target.

The focus is on mid-market UK businesses in the £10m to £150m enterprise value range and, typically those with specialist manufacturing capability in niche sectors such as aerospace and power generation, which have featured strongly in the commitment to date.

Joe Farren, investment director at LDC in Yorkshire and the North East, who is leading the initiative in the region, said: "Our initial investment initiative to back high quality manufacturing and specialist engineering businesses has been incredibly successful, but we believe that there is a great deal more potential to support businesses in this sector so we have decided to uplift this funding in order that more companies can benefit.

"By increasing our commitment to invest £300m of new capital to this important industry sector, LDC is reiterating its commitment to, and on-going confidence in, UK manufacturing.

"This increase in funding will give LDC's regional teams greater scope to explore investment opportunities with fast growing manufacturing and specialist engineering businesses and we hope more management teams will consider the benefits that partnering with a private equity investor like LDC can bring."

One high profile deal saw LDC take a stake in the Rotherham-based F1 team, Virgin Racing. The team was created in 2009 when Dinnington's Manor Grand Prix teamed up with Sir Richard Branson's Virgin brand. In April 2013 LDC sold its minority shareholding in the team to Marussia, the Russian supercar manufacturer that took full control of the team after earlier investment in 2010.

LDC website

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News: Marussia Manor Racing gears up for GP3

Rotherham is still playing a key role in developing Formula One drivers of the future as the home of Marussia Manor Racing.

The Marussia F1 team recently moved from Rotherham to Banbury in Oxfordshire to be closer to McLaren, their technical partners for the 2012 season.

Rotherham-born John Booth remains as the team principal and the team's former headquarters at Dinnington is now home to the Marussia Manor GP3 team.

The GP3 series follows the Formula One European calendar and the emphasis is on developing driver skills, with all teams using the same chassis, engine and tyre suppliers.

GP3 race teams and cars will be equipped, based and resourced at the facility on the site of the former Dinnington colliery, just as Formula One teams and cars have been for the past two years.

As an integral part of the F1 setup, Booth announced his intention to use the GP3 team as part of a new driver development initiative. The reward for successful drivers could be a drive with the Marussia F1 Team.

Manor's pedigree is good. Previous graduates include Lewis Hamilton and Kimi Räikkönen, who both went on to win the Formula One World Championship.

Rio Haryanto, who drove for Manor in GP3 and has been part of Marussia F1 Team Young Driver Programme for the past two years, has recently made the step up to GP2 and secured a drive for the newly-created Marussia Carlin GP2 Team in the 2012 season.

Twelve GP2 graduates will start on the 2012 F1 grid, including Marussia's newest driver, Charles Pic.

John Booth, team principal at Marussia F1, said: "Our Young Driver Programme now comprises all the racing categories that are key stepping stones for a driver to navigate their way to the very top and I am very proud of the support we can offer to the next generation of motor racing talent.

"Our Young Driver Programme is a big part of the Marussia F1 Team philosophy, but having spent many years helping to shape the future for many young drivers, it gives me great personal pleasure that we now have a comprehensive ladder that can take drivers with the best potential all the way to the very top."

Marussia Manor's GP3 drivers for 2012 are Russian Dmtry Suranovich, Brazilian Fabiano Machado (pictured, above during testing in Estoril) and Cypriot Tio Ellinas.

Peter Sliwinski, team principal at Marussia Manor GP3, said: "It's going to be another exciting season in GP3. We have worked very hard during the winter and the year ahead looks promising for us – I'm sure we can be up there with the top teams.

"I would like to welcome Dmitry, Fabiano and Tio to the team and wish them all a successful year. It's their first complete season in GP3, but they have already shown their potential and we are ready for the challenge."

Dmitry and Tio have already taken part in winter testing for the Marussia F1 team.

Manor Grand Prix was an unlikely name on the line up for the 2010 F1 season. The Rotherham team became Virgin Racing when they announced a link up with Richard Branson in December 2009. Russian company Marussia Motors acquired a significant shareholding in 2010 and the team became Marussia Virgin Racing. For the 2012 season, the team will be known as Marussia F1.

All GP2 and GP3 races will be shown on Sky as part of their new deal to screen F1.

Marussia F1 website

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News: Marussia Virgin Racing could drive away from Rotherham

Marussia Virgin Racing, the Formula One team with their headquarters in Rotherham, have entered into a technical partnership with McLaren and purchased a new technical base.

The announcement signals the seriousness of the team's intent to become a real contender in the world's premier form of motorsport, but it could result in the team moving out of Rotherham as they also announced ambitions to bring operations together under one roof.

Marussia Virgin Racing has concluded a long-term technical partnership with McLaren Applied Technologies which will see the team benefit from access to McLaren facilities, knowledge and capabilities, for example their test rigs and driver-in-the-loop simulator, supply chain experience and CFD and CAE techniques including race strategy tools.

Importantly, this includes access to the McLaren wind tunnel.

The Dinnington team, also announced that it has acquired the Formula One business of WRT, its former technical partner, including WRT's leading-edge technical centre in Banbury, Oxfordshire, UK.

It is not yet clear what effect this will have on the expanded premises on the Dinnington Business Park which are currently used as the international centre for the preparation, assembly, maintenance and development of their cars.

The announcement stated that: "The Banbury premises will continue to be utilised by Marussia Virgin Racing for the next two years, during which time the team will progress its plans to develop a tailor-made new facility more suited to the team's long-term tenure within the sport and allowing the team to come together under the same roof."

Andy Webb, CEO at marussia Virgin Racing, said: "When we undertook our detailed review of the team in the first half of 2011, it was clear that our bold ambitions for the future would need to be matched with some equally bold steps towards achieving them.

"I am delighted that in a relatively short space of time we are now in the fantastic position of being able to make these two very important announcements, which will enable us to make some dramatic strides forward with immediate effect.

"Our technical partnership with McLaren is very exciting indeed. McLaren is one of the most prestigious and successful marques in Grand Prix racing history, with an enviable record of success over many years. We can benefit enormously from McLaren's far-reaching techniques and capabilities and I have no doubt that this Partnership will see us take the technical steps necessary to make a significant leap forwards.

"In addition, our acquisition of the WRT Formula One business ensures continuity of technical infrastructure for the period ahead, which means that the transition to working with our new technical partner can begin immediately and is not frustrated by logistical considerations. Our three-centre operation has served us well in our formative years but our ambitions for the future will rely on the full might of the team coming together under one roof."

Marussia Virgin Racing website

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News: Marussia Virgin Racing make the news with CNBC

Marussia Virgin Racing, the Formula One team with their headquarters in Rotherham, has announced an exclusive global partnership that sees CNBC becoming the team's official "Business Media Partner" for the 2011 season, which gets underway on March 27 in Melbourne, Australia.

The partnership gives CNBC branding on various Marussia Virgin Racing assets including its new Formula One car and driver's racesuits, and in the paddock, as well as hospitality. Alongside this, the partnership provides business-to-business opportunities for existing and new commercial partners of the Marussia Virgin Racing Team through the reach of CNBC's worldwide TV network and CNBC.com.

Andy Webb, CEO, Marussia Virgin Racing said: "It goes without saying that we are delighted to welcome CNBC to Marussia Virgin Racing as our Business Media Partner. This is a very exciting partnership which underlines the strategic, targeted and intricate nature of our offering and its appeal to our rapidly expanding portfolio of commercial partners.

"CNBC needs no introduction as an oracle of international business and financial news and this multi-faceted relationship provides the team and its partners with an enviable business development opportunity.

"Following a period of investment and restructure, the team now has all the right resources and people to step up the pursuit of its racing ambitions. This is a fascinating partnership for both parties and it will be exciting to see it develop as the year progresses. We now look forward to getting the season underway in Melbourne in a little under two weeks time."

Mick Buckley, President and CEO, EMEA, CNBC added: "CNBC is extremely excited to be joining forces with Marussia Virgin Racing at this significant stage in the team's development. Our audiences are complementary and this is an exceptional way to put CNBC in front of a massive global audience."

Marussia Virgin Racing website

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News: Young people to get up to speed at GMF event

South Yorkshire's young people will join Deputy Prime Minister Nick Clegg to get up to speed with engineering and manufacturing at the Global Manufacturing Festival: Sheffield this month.

"Get up to Speed", sponsored by TATA Steel and organised by Business and Education South Yorkshire, provides the opportunity to see some of the fastest vehicles and people on earth, many with links to the Rotherham business community.

Representatives from the Bloodhound Project, the ultimate land speed record car will be there including record breaker and entrepreneur Richard Noble OBE. Newburgh Engineering in Rotherham are to provide precision parts for the 1,000 mph supercar.

Marussia Virgin Racing, the Formula One team with headquarters in Rotherham, will bring their show car to go alongside Rotherham entrepreneur, Adam Tinsley and the Formula One simulator from his F1 Showcars company.

Also in attendance will be Nicola Minichiello, Women's World Bobsleigh Champion who is supported by athlete-focused engineering technology from Bromley Technologies on the Advanced Manufacturing Park in Rotherham.

The event will also provide an opportunity to talk to many leading manufacturing and engineering businesses, including their apprentices, about career paths, skills and qualifications.

Nicola Minichiello, Women's World Bobsleigh Champion and cofounder of Team Active Fun Ltd, said: "This is a fantastic opportunity for young people to learn new and exciting things about engineering. I'm delighted to be able offer first hand experience into the role engineering played in developing my sled and how important engineering design and innovation is to my bobsleigh achievements."

Mick Hood, HR Manager at TATA Steel Speciality, said: "Engineers and technologists are critical to modern life but with the number of students choosing to study these subjects dwindling, it's vital we do everything we can to enthuse and inspire young people through events like this. The Get up to Speed event focuses on innovation, manufacturing and engineering excellence which are all critical to Tata Steel.

"Our products have extremely high technical and chemical specifications and are used in everything from the landing gear of the largest and most advanced aircraft to drilling components used deep in the ocean floor.

"We are excited and proud to sponsor an event designed to bring together the very best in terms of innovation, design and the part being played by young trainees and apprentices in the wider city region."

Get up to speed takes place on Thursday March 17 at Ekspan in Sheffield.

GMF Sheffield website

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News: Marussia Virgin Racing reveal car for second season in Formula One

Marussia Virgin Racing, the Formula One team with headquarters in Rotherham, has revealed their new car, the MVR-02, at the BBC's Television Centre in London.

As with last year's car, the aerodynamics of the MVR-02 have been designed entirely using CFD (Computational Fluid Dynamics) now using the most powerful supercomputer allowed by current agreements.

The car is the first to bear the MVR chassis designation, following Russian performance car manufacturer Marussia's acquisition of a significant stake in the team at the end of last season.

Nick Wirth, Technical Director said: "I am confident that we have made real progress with the MVR-02, producing a car with considerably more aerodynamic efficiency than the VR-01 despite the regulation changes, and having made significant gains in terms of overall quality.

"It provides a good basis for development over the course of the season, and I'm very sure we'll be able to keep up the impressive rate of aero development that we've had since the beginning of the MVR-02 project."

Marussia Virgin Racing Team Principal John Booth, said: "We had a tough but incredibly rewarding baptism into Formula One last season and I am extremely proud that we proved ourselves to be more than equal to the challenge.

"We are also very proud to be competing as Marussia Virgin Racing in 2011 and we look forward to rewarding the faith that Marussia demonstrated in the team when it made such a significant investment at the end of last year."

The team was formed when Rotherham's Manor Grand Prix in Dinnington teamed up with Sir Richard Branson's Virgin brand. LDC, a subsidiary of the Lloyds Banking Group added Manor to their investment portfolio in 2009. Russia's Marussia Motors announced that it has acquired a significant shareholding in November 2010.

The team's headquarters on Outgang Lane have been extended and the team are looking to invest in a research and development facility.

Driver Timo Glock will be the first to get behind the wheel of the new car during the first two days of four days of testing in Jerez. New driver Jerome D'Ambrosio will get his first run in the new MVR-02 for the final two days of testing in the south of Spain.

The 2011 Formula One season begins in Bahrain in March.

Marussia Virgin Racing website

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News: Marussia invests in Virgin Racing

Russian company Marussia Motors has announced that it has acquired a significant shareholding in the Rotherham-based Formula One team, Virgin Racing in a deal brokered by private equity firm LDC.

Marussia Motors is the manufacturer of the first Russian supercar and has been a partner of Virgin Racing since the F1 Team was launched in December 2009. From the 2011 season the team will be known as Marussia Virgin Racing. The team will compete in the FIA Formula One World Championship by that name including racing at the new venue in Sochi, Russia in 2014.

The team was formed when Rotherham's Manor Grand Prix in Dinnington teamed up with Sir Richard Branson's Virgin brand. LDC, a subsidiary of the Lloyds Banking Group added Manor to their investment portfolio in 2009.

The transaction, led by head of LDC Director Carl Wormald and supported by investment director Jonathan Bell, provides an attractive return on LDC's initial investment and will see them retain a shareholding alongside the existing Virgin Racing management team.

The decision of the Russian company to be involved more deeply in the life of the racing team was welcomed by the Management Team..

Graeme Lowdon, Chief Executive of Virgin Racing said that the investment by Marussia Motors will enable the team to plan more ambitiously for the longer term.

It has been announced that there will be no significant change to the team's organisational structure as it prepares for its second season in F1.

The team also reassured fans via Twitter that the team will remain based in Dinnington.

Carl Wormald, Director at LDC, said the partnership with Marussia was in line with the long term strategy to establish Virgin Racing as a competitive racing team and a successful commercial business.

He said: "This is excellent news for all stakeholders in Virgin Racing. The team has made tremendous progress over the past twelve months and this is testimony to the commitment and skill of the Virgin Racing personnel.

"LDC is delighted to remain a significant shareholder and is looking forward to working with Marussia to support the future development of the team."

Marussia Motors is also confident of success of the Company. Marussia's president and chief executive Nikolai Fomenko said: "This is the realisation of a dream for us.

"While manufacturing, launching and marketing the Marussia B1, B2 and other concepts in Europe, we will have a Formula One team to promote these activities and demonstrate to the world that a new car manufacturer has arrived from Russia with truly international ambitions."

Virgin Racing Team Principal, John Booth added: "I am extremely proud of what we have achieved with Virgin Racing in what is really only 16 months since the team was founded. I am delighted that the significant efforts of the team have been recognised and have attracted the commitment of Marussia Motors, which will enable us to move forward and deliver against our five year target for success."

Virgin Racing has also announced a new long term partnership with International Direct Selling Company, QNet.

Virgin Racing website
Marussia website

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News: Formula One races into Rotherham Show

Visitors to the Rotherham Show this weekend will have the opportunity to win a unique prize by taking part in a Formula One simulator challenge.

The simulator is based on the Arrows 3-seater F1 car will be situated in the One Town One Community Marquee at the show.

The simulator is being provided by young Rotherham entrepreneur Adam Tinsley who set up his company, F1 Showcars just over a year ago.

F1 Showcars supply full sized Formula One simulator cars and display cars for hire at events, and Adam, who is also a race marshall for Silverstone, travels across the UK assisting at various circuits.

Over the course of the weekend, visitors will be able to show their skills as they aim to set the fastest lap time.

The winner of the challenge will be the person with the quickest time around the Monza circuit, appropriate as the Italian Grand Prix is also this weekend, and the trophy is the end plate from the front wing of a Formula One car, kindly donated by Virgin Racing of Dinnington. The runner up will get a Virgin Racing cap and t-shirt.

The Rotherham Show is the largest free land show in the North of England and takes place on September 11 and 12 at Clifton Park from 10am - 6pm.

F1 Showcars website
Virgin Racing website
Rotherham Show website

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News: Virgin Racing launch F1 car

The new Virgin Racing Formula One team has proudly unveiled its debut race car - the VR-01.

The team was created last year when Rotherham's Manor Grand Prix teamed up with Sir Richard Branson's Virgin brand to embark on an exciting F1 adventure.

The VR-01 is the first of a new breed of race car designed entirely in the digital domain using CFD (Computational Fluid Dynamics). It is the brainchild of Virgin Racing's Technical Director, Nick Wirth, who has gained an international reputation for pioneering a purely CFD approach to car development, wholly designing, building and testing race cars in computer simulation without the need for expensive, resource-heavy scale-model wind tunnel testing.

In theory, the team's pre-season testing programme began several months ago - in the virtual sense - courtesy of what is widely regarded as amongst the most progressive real-time simulator technology in motor sport. When race drivers Timo Glock and Lucas di Grassi begin testing in anger next week, the VR-01 should feel very similar to the car they "drove" on the Wirth Research simulator.

Virgin Racing Technical Director, Nick Wirth said: "Today is a very proud day for everyone involved with Virgin Racing, however on this occasion, where the car is the star, I want to pay tribute to all the amazing people at Wirth Research who deserve so much of the credit for the VR-01. Putting together an F1 team, assembling an engineering group and designing a new car from scratch is an epic task in the timeframe we have been working to.

"We have assembled a fantastic design and engineering group, the calibre of which I could only have dreamed of attracting when we first started out on this journey."

Virgin Racing Team Principal, John Booth added: "Today is the culmination of a very emotional journey which really began in June last year when we celebrated the fantastic news that our entry into Formula One had been accepted. The celebrations were necessarily brief however, because we were already in a race against time to design and develop a race car at the same time as building a new team of people and premises.

"I would like to congratulate our new race team - a great bunch of guys working together for the very first time in the pressure-cooker environment of a demanding car build schedule. Logistically it hasn't been easy, since the initial build of the two race cars is taking place in Bicester, rather than our operational base in Dinnington. Their commitment and professionalism has been exemplary and they have set their own very high bar in terms of trackside performance this season.

"Finally, not only do we have a great bunch of people at Virgin Racing, we also have a great-looking car. We are delighted with our fantastic new livery which provides a fitting integration of our racing brand with our important commercial partnerships.

"All in all, we have a lot to look forward to as we progress towards our racing debut in Bahrain next month."

Virgin Racing website
Rotherham

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News: Rotherham's Manor Grand Prix teams up with Virgin

The Virgin Racing Formula 1 team has been officially launched in London, where it was confirmed that Rotherham's Manor Grand Prix has teamed up with Sir Richard Branson's Virgin brand to embark on an exciting F1 adventure.

Richard Branson and the Virgin Racing management team of Nick Wirth, John Booth and Alex Tai outlined the vision for their team and revealed the driver line-up.

Alongside Timo Glock were two new additions - Brazilian Lucas di Grassi and GP2's Portuguese revelation Alvaro Parente.

Virgin Racing also welcomed nine new partners to the team including Bridgestone, FXPro, Kappa and green companies Oxigen and Carbon Green.

Etienne De Villiers, a top media executive who has worked at Disney, BBC Worldwide and the ATP Tour will become the new Chairman.

Team principal Alex Tai said: "Virgin Racing is a real racing team founded by real racers and which has a very clearly defined path towards achieving success. This will be our core focus, but at the same time we intend to be a team which has great spirit. We are looking to make a big contribution to the sport and its fans. I am full of excitement and optimism about what we can achieve together."

Technical director Nick Wirth said: "The past year has been a rollercoaster ride as we first conceived the idea of entering Formula 1 and then navigated the route to launch in 12 very busy but rewarding months. I am immensely proud to be part of a team that isn't simply "making it to the grid" but which has surpassed even our wildest expectations technically, in our racing operation and also commercially."

The Manor team based in Dinnington was named on the entry list for the 2010 championship earlier this year and Manor's owner and the new sporting director of Virgin Racing, John Booth has been busily expanding both premises and people.

Booth is to lead a team of 45 staff at the Rotherham base which will be where the race team and cars will be equipped, based and resourced.

John Booth said: "I've never had any ambitions to be in Formula 1, purely because it was so out of reach. The FIA in their wisdom quite rightly decided to introduce some sort of cost restriction. At the same time as making Formula 1 more affordable for its current competitors, it opened up our own horizons and that of other teams.

"I think Nick is a design genius and I have absolute faith in his ability to design a fantastic car. In turn he has the belief in our ability to run it. There is already a great chemistry within the team and this is inspiring a lot of confidence."

Earlier this month, LDC, a subsidary of the Lloyds Banking Group added Manor to their investment portfolio.

Darryl Eales, CEO of LDC, said: "Manor represents the combination of a great management, racing pedigree and world class engineering and design; in a unique market segment and in one of the world's most popular sports."

Richard Branson said: "I believe that with the right bunch of people you can achieve anything. It might take a while to get there, but I believe with this team of people on board, Virgin Racing can go all the way."

Virgin Racing website
Rotherham

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