EV Technology Group has entered into a definitive agreement to acquire Northamptonshire-headquartered manufacturer, Fablink Group in transaction valued at up to £38.8m.
Since it was founded over 14 years ago, Fablink has built up a market-leading position as a Tier 1 supplier to the automotive, transport and off-highway sectors, counting leading global OEMs in its customer base.
The acquisition includes all seven Fablink manufacturing sites across the UK, and Streamline Automotive, a new division of Fablink Group that provides specialist low and medium volume electric vehicle manufacturers with turnkey clean build vehicle assembly capabilities.
Richard Westley, CEO and founder of Fablink Group, will remain in his current position and will also join the EV Technology Group executive team as chief operating officer upon completion of the acquisition. Fablink will also retain its current leadership team, facilities and over 750 employees.
Richard Westley, CEO and founder Fablink Group, said: “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.”
Wouter Witvoet, CEO of EV Technology Group, stated: “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.”
