Fri, 05 Aug 2022 | BUSINESS SALE
Fablink Group has announced that it has agreed to be acquired by EV Technology Group in a deal that could rise to £38.8 million. The deal has been described as strategically important for listed firm EV Technology, providing it with access to Fablink’s first-class in-house manufacturing and engineering capabilities.
The deal will represent slightly over a 13x multiple of Fablink’s £2.975 million gross profits for the year ending March 31 2021, generated on turnover of £44.85 million. During that period, the group registered a post-tax loss of £786,805.
Fablink has established a market-leading position as a Tier 1 supplier for the transport, off-highway and automotive sectors, with its customer base including several leading global OEMs. The group also includes new division Streamline Automotive, which provides vehicle assembly capabilities to electric vehicle manufacturers.
The firm is also the manufacturing partner of MOKE International, which recently agreed a deal to join EV Technology Group. In addition to Fablink Group and the Streamline Automotive division, EV Technology will also acquire Fablink’s seven UK manufacturing sites.
Post-acquisition, Fablink CEO and founder Richard Westley will retain his current position, whilst also joining the board of EV Technology Group as Chief Operating Officer. Fablink’s current leadership team, facilities and 750+-strong workforce will also be retained.
EV Technology Group CEO Wouter Witvoet said: “This acquisition is of huge strategic importance to the EV Technology Group. Having access to Fablink’s 750 world-class electric vehicle manufacturing and engineering experts in-house makes us more competitive, efficient, and agile for Fablink’s existing customers and our own future projects.”
“On a personal note, I am also looking forward to working closely with Fablink’s founder and CEO Richard Westley who has built a remarkable world-leading business and will also be joining me at EV Technology Group to help steer the future success and growth of the entire group.”
Fablink Group CEO and founder Richard Westley added: “There’s no doubt that EV Technology Group’s acquisition of Fablink is a fantastic fit. This acquisition not only presents a superb blend of resource and capabilities, aligned to underpin EV Technology Group’s significant growth plans, but also gives Fablink Group a platform for significant future investment in our people, facilities & technology.”
“The acquisition allows us to accelerate the delivery of our strategies in support of our existing global OEM customers, as we continue on our mission of achieving operational excellence across our manufacturing sites, and also provides a platform to further develop the business as we look to support EV Technology Group’s own brands. This is a tremendously exciting step for Fablink and we are looking forward to an even brighter future as part of a larger group.”
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