Hampshire: Simulation tech company acquired by global auto business
Hampshire-based simulation technology company rFpro has been acquired by global automotive technology business AB Dynamics plc.
rFpro started as a project within a Formula 1 team, where performance and simulation of the fastest, most dynamic, road vehicle on earth was fundamental. Now, the company provides driving simulation software and digital-twins of tracks and testing grounds for the development and testing of autonomous vehicles and for ADAS and vehicle dynamics.
Favourable market dynamics driven by increasing investment in the autonomous vehicle space meant that rFpro was at an inflection point and required further support and investment to benefit fully from the increasing demand of their software solution. This prompted the shareholders to investigate a sales process.
Grant Thornton supported the shareholders by providing extensive research to formulate a targeted list of strategic global buyers who were presented with the key value drivers in a way that created a highly competitive process. This process enabled the team to agree and complete a deal within a month of providing exclusivity to the eventual buyer, AB Dynamics plc, a company that already utilised rFpro’s software within its own simulators and had strong synergistic rationale for the acquisition.
The shareholders of rFpro commented: “We are extremely happy with the outcome achieved and are grateful for the support that we received from Nigel, Will and the Grant Thornton team. The team were great to work with and their advice and process ensured a fantastic outcome for all involved. The future of rFpro under AB Dynamic’s ownership is a truly exciting one.”
Grant Thornton Corporate Finance associate director Nigel Le Bas stated: “It has been a pleasure working with the rFpro team and we are delighted at the outcome for our clients. We tailored the sale process specifically for rFpro and were able to demonstrate the significant value that rFpro could bring to AB Dynamics plc, all of which resulted in the fantastic price achieved and a successful outcome for all parties.”
