The Manufacturer’s overall winner of the Manufacturer of the Year Awards for 2011 has put itself up for sale.
Advanced engineering firm Cosworth has reportedly been considering floatation for some time and owners have decided that the time is right to test its market value.
Cosworth’s CEO, Tim Routsis told The Times: “We have been paused for the last 18 months and the board has decided that we cannot wait any longer otherwise we risk losing momentum.”
Rolls Royce and GKN are both said to be speculative buyers for Cosworth which has experienced significant growth under Mr Routsis leadership.
However, while trade buyers have showed early interest, Cosworth has stated it is also willing to consider private equity investment.
Careful diversification has been core to Cosworth’s recent success – the company has experienced 20% compound growth for the past three years. Cosworth is famed for its work with Formular 1 but has increasing strength in the defense and aerospace markets.
Cosworth is currently owned by Gerry Forsythe and Kevin Kalkhoven, venture capitalists who bought the business from Ford when it axed its Formula 1 activities eight years ago.
Cosworth has a turnover of around £50m.