How did we help BREAL Zeta?
Our banking & finance team acted for BREAL Zeta in relation to an acquisition and working capital finance package comprised funding against receivables and real estate as well as a £3m term loan. The deal saw David Roberts take on the role of Chairman of the newco, Evtec Automotive (Evtec).
Headquartered in Coventry, Evtec specialises in manual assembly for the automotive sector. As part of its growth strategy, Evtec will seek to make further investments in its team and core services and to drive turnover from £55m to £70m over the next three years. Electric vehicles will form a key part of the company’s future strategy. As the demand for electric vehicles grows, so does the requirement for various assemblies that cover battery, cooling wiring and hydraulic systems, which are widely used in hybrid and electric vehicles. The business will continue to work with clients such as Jaguar Land Rover and Ford as they gear up production following the coronavirus pandemic.
The company was originally part of Remploy, a scheme formerly sponsored by the Department of Work and Pensions to provide ongoing sustainable employment for disabled people. David Roberts plans to return the business to its Remploy heritage, ensuring opportunities for disabled people across the West Midlands.
Banking & finance partner, Carol Betts, said: “We were really pleased to have supported on BREAL Zeta’s ABL funding package to Evtec Automotive. We are confident the company has a strong future ahead of it and will go from strength to strength.”
Annabel Todd, Regional Business Development Director, BREAL Zeta CF commented: “Evtec was a complex and ever-changing transaction and we cannot thank Carol and the Gateley team enough for their flexibility and commitment to getting the transaction done. Evtec is going from strength to strength and has been able to re-hire over 60 people who were previously made redundant.”