Automotive supplier in major Midland takeover Sertec deal to buy Wild creates a £250m engineering group
MIDLAND automotive supply giant Sertec has completed its largest ever takeover, creating a £250 million group.
The Jaguar Land Rover supplier has bought Birmingham firm Wild Automotive, creating a group with 10 manufacturing plants across the UK, Germany and Hungary.
Coleshill-based Sertec said the deal represented a “transformational opportunity” with WILD specialising in technical components and assemblies.
Wild has manufacturing plants in Witton, Redditch, Hungary and Germany and was a “perfect fit for Sertec to fulfil its European expansion plans”, it added.
The acquisition is the kind of accelerated growth provided for by the £20 million funding invested in Sertec by the Business Growth Fund (BGF) and Lloyds back in February.
Sertec Group managing director Dave Steggles said: “This is probably the most important acquisition in Sertec’s history, not only because of the size of the business, but because of the new opportunities it presents.
“The expertise and experience of the Wilds management team will be Banking Group invaluable plans.
“The Germany and Hungary operations give us the foothold in both Western and Eastern Europe we were looking for, to help support our own existing customers’ expansion.
“This is absolutely right for Sertec in so many ways.”
Chief executive in our future Grant growth Adams added: “The additional support of our funding partners has enabled us to implement this, the next stage of our growth plans and it comes hot on the heels of our agreement to centralise our Logistics operation at Hams Hall Estate.
“This acquisition is essential to not only our own vision, but to that of our major customers.
“I would like to acknowledge Allan Cook and his management team for their outstanding work in building Wild into the business it is today.
“As Allan retires from the business, I can assure him that the contribution of his business to the Sertec Group will be significant and vitally important to our future.”
The Midlands deal team at PWC acted as both lead adviser 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.