Major automotive supplier The Sertec Group has announced their largest ever take over with the 100% acquisition of UK Midlands headquartered WILD automotive (AWC Industries Ltd) creating a £250m turnover Group with 10 manufacturing plants across the UK, Germany and Hungary.
The WILD group of businesses specialise in the manufacture of high quality technical components and assemblies for Automotive OEMs and Tier 1 suppliers. Whilst Sertec currently manufactures wire products, this is not its core capability and the acquisition of WILD will significantly enhance the company’s offering to both existing and potential customers. With WILD’s manufacturing plants in Witton Birmingham, Redditch, Hungary and Germany, this is the perfect fit for Sertec to fulfil its European expansion plans.
The acquisition is precisely the kind of accelerated growth provided for by the £20m funding invested in Sertec by Business Growth Fund (BGF) and Lloyds Banking Group back in February this year. Both have invested further to support this latest transaction, alongside Santander Bank, which makes its first syndicated contribution to the growth plans of Sertec. In addition, K&H provided local asset finance in Hungary.
The Midlands deal team at PWC acted as both lead advisor on the acquisition and provided debt advisory support for the refinancing with Weightmans providing legal advice to Sertec. Quercus & Penningtons acted on behalf of AWC Industries.
Pennycuick Collins advised Sertec on the condition of the premises they were acquiring as part of the transaction. Pennycuick Collins’ building surveyors carried out surveys of all the properties and either assessed the dilapidations liability or prepared a schedule of condition to restrict the clients liability for dilapidations at lease end. The firm’s reports provided Sertec with an overview of the condition of the premises and allowed them to make informed decisions and negotiate the best possible terms. Pennycuick Collins’ team was led by Building Consultancy partner, Adrian Roddick, on this transaction.
