EV Technology Group has announced it has signed a Definitive Agreement to acquire 76 percent of Fablink Group Holdings, the leading British Tier 1 supplier and specialist manufacturer. The deal also involves an Option Agreement for EV Technology Group to purchase the remaining 24 percent of shares.
The acquisition is a strategically important one for EV Technology Group, giving it access to Fablink’s world-class in-house manufacturing and engineering expertise. 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 original equipment manufacturers OEMs in its customer base.
Fablink Group is renowned for the supply of pressings and complex welded structures, cab assemblies, lightweight bonded aluminium chassis and structures and mixed material architectures. Plus, Fablink also works with niche and lower volume builds for automotive and emobility brands.
The acquisition includes all seven Fablink manufacturing sites across the UK and Streamline Automotive. This is a new division of Fablink Group that provides specialist low and medium volume electric vehicle (EV) manufacturers with turnkey clean build vehicle assembly capabilities. This side of the industry will be growing at a rapid rate in the coming years making this agreement even more important.
Fablink is already the manufacturing partner of MOKE International, a company that has recently agreed to join EV Technology Group’s house of brands. It recently signed a definitive agreement for EV Technology Group to acquire up to 100 percent of its shares and introduced the Electric MOKE.
Under the terms set out in the Definitive Agreement, the EV Technology Group will pay £29.5 million to Fablink Group shareholders in exchange for 76 percent of the total issued and outstanding common shares. It will also pay £719,000 to acquire the existing shareholder debt of Fablink Group.
Wouter Witvoet, EV Technology Group CEO, 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.”
Richard Westley, Fablink Group’s CEO and founder, will remain in his current position in the new structure. He 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, Fablink Group CEO and founder, 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 and 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.
“It 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.”