Praetura Commercial Finance provides Evtec Aluminium with a £11.4m multi-product funding package.
Evtec Aluminium is a sister organisation to automotive supplier Evtec Automotive, a successful UK manufacturer supplying key components to the automotive and aerospace sector. The Evtec team have been applauded for their recent turnaround of an Arlington site over the last two years, a win for British industry.
Serial automotive entrepreneur David Roberts, chair of Evtec Aluminium, wanted to acquire two factories in Coventry and Kidderminster which produced complex aluminium castings.
With the previous owner falling into administration, these factories were a critical part of the UK automotive industry under threat.
The Praetura team understood the complex nature of the sale. They remained flexible to the demands of the key stake holders and pivoted as the deal progressed to ensure that Evtec Aluminium’s goals were put first.
By visiting the sites and assessing what would be best for the future of the business, Praetura offered a Confidential Invoice Discounting and Plant & Machinery Term loan facility which ensured a smooth transition for the factories with minimal disruption to the business.
The Evtec Aluminium team acquired the two factories which secured the future of almost 200 highly skilled jobs across the West Midlands. Newly founded Evtec Aluminium is now operating successfully and is set to play a critical role in supporting the automotive industry’s transition to Net Zero carbon.
David Roberts, chair of Evtec Aluminium, said: “This was a truly remarkable transaction support by the team at Praetura Commercial Finance. In my 40 years’ experience of 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.”
Stuart Bates, 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.”
Client: Evtec Aluminium
Service: Confidential invoice discounting, Plant & Machinery Term Loans