Praetura Commercial Finance has successfully funded £1.5bn of assets to date since its launch in 2016.
Praetura Commercial Finance has structured and delivered a £11.4m asset-based lending (ABL) facility to enable David Roberts, chair of Evtec Aluminium, to acquire factories in Coventry and Kidderminster.
The business will supply a range of lightweight aluminium castings – parts used for car powertrains that convert engine power into movement – to major automotive manufacturers in the UK.
The production of lightweight aluminium castings is a key component for the automotive industry as it transitions to Net Zero.
Praetura Commercial Finance has successfully funded £1.5bn of assets to date since its launch in 2016.
Squire Patton Boggs advised David Roberts on the transaction, while Thrings advised management.
Stuart Bates, commercial director of Praetura Commercial Finance, said: “We were delighted to work with David again.
"It was great to see so many jobs saved in a UK-based industry with so much potential.
"The Praetura team focuses on how finance can help entrepreneurs achieve their goals and we’re pleased we could help with such a fast turnaround acquisition.”
Roberts said: “This was a truly remarkable transaction support by the team at Praetura Commercial Finance.
"In my 40 years’ experience of mergers and acquisitions, the Praetura team was the most supportive and flexible I’ve come across, their help during the transaction process was essential.
“The future is bright for Evtec Aluminium, and we look forward to playing an important part in facilitating the industry’s transition to electric and hybrid vehicles, which is a critical driver for the UK’s Net Zero carbon ambitions.”
