The Manchester-based asset-based lender, Praetura Commercial Finance has sanctioned an £11.4 million funding package to Evtec Aluminium for the acquisition of Liberty Aluminium Technologies.
Praetura Commercial Finance arranged and provided the £11.4 million asset-based lending (ABL) facility entitled the chairman of Evtec Aluminium, David Roberts to acquire plants in Coventry and Kidderminster that produce aluminium castings.
The buying of the recently founded Evtec Aluminium will fasten the future of around 200 highly skilled jobs in the West Midlands and it will imperatively keep the production of these aluminium castings within the UK.
The facility will produce a wide range of lightweight aluminium castings components used for car powertrains that convert engine power into a movement to substantial automotive manufacturers in the UK. The production of lightweight aluminium castings is a vital component for the automotive industry as it switches to Net-Zero.
Evtec Automotive’s sister concern Evtec Aluminium is accountable for the turnaround of Arlington over the last two years. However, both the organizations are chaired by David Roberts, a person with 40 years of experience in manufacturing, particularly in the automotive and aerospace sectors.
Stuart Bates, the Commercial Director of Praetura Commercial Finance, said: “We were delighted to work with David again. It was great to see so many jobs saved in a UK-based industry with so much potential. The Praetura team focuses on how finance can help entrepreneurs achieve their goals and we’re pleased we could help with such a fast turnaround acquisition.”
David Roberts, the Chairman of Evtec Aluminium, said: “This was truly remarkable transaction support by the team at Praetura Commercial Finance. In my 40 years experience in mergers and acquisitions, the Praetura team was the most supportive and flexible I’ve come across, their help during the transaction process was essential.”
“The future is bright for Evtec Aluminium, and we look forward to playing an important part in facilitating the industry’s transition to electric and hybrid vehicles, which is a critical driver for the UK’s Net Zero carbon ambitions.”
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