EV Technology Group has agreed to acquire specialist manufacturer, Fablink Group Holdings in a deal valued at £38.8m.
Northamptonshire-headquartered Fablink has annual revenues of £110m and is an established Tier 1 supplier to the automotive, transport and off-highway sectors, counting leading global OEMs in its customer base.
The transaction is valued at up to £38.8m with £29.5m to be paid in cash for an initial 76 per cent of Fablink.
Fablink has 750 employees across seven manufacturing sites and recently launched Streamline Automotive to serve the explosion in electric vehicle assembly and manufacturing demand.
On completion of the deal Fablink’s CEO Richard Westley will become EV Technology’s chief operating officer.
The acquisition is expected to be finalised later this year and is a strategically important one for EV Technology Group, giving it access to Fablink’s world-class in-house manufacturing and engineering expertise.
Westley said: “There’s no doubt that EV Technology Group’s acquisition of Fablink is a fantastic fit. This is a tremendously exciting step for Fablink and we are looking forward to an even brighter future as part of a larger group.”
Wouter Witvoet, CEO of EV Technology Group, added: “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.”
EV Technology Group was founded in 2021 with a vision of electrifying iconic brands. By acquiring iconic brands and bringing beloved motoring experiences to the electric age, EVT Group is driving the EV revolution forward.
Backed by a diversified team of passionate entrepreneurs, engineers and driving enthusiasts, EVT Group creates value for its customers by owning the total customer experience.