Cattaneo Corporate Finance has advised Ash & Lacy on the acquisition of Vestatec.
Birmingham-based Ash & Lacy has expanded its services to global car manufacturers with the acquisition of Vestatec, an automotive interior trim specialist in Nottingham.
Vestatec is renowned for its physical vapour deposition (PVD) coating technology which enables the production of durable, high-performance coatings such as diamond-like-carbon. It operates from a 20,000 sq ft manufacturing facility which offers capabilities including PVD coating, lasers, automation and robotics. The deal aims to reduce the reliance on competitive European manufacturers for imported components.
Already a trusted supplier to some of the world’s most prestigious automotive brands, the acquisition opens the door to new market opportunities and allows Ash & Lacy to meet the growing demand in the automotive industry for high-quality, aesthetically pleasing components such as speaker grilles, buttons, switches and high-end trim parts across a broader selection of high-quality, durable finishes that not only enhance a vehicle’s look but also meet stringent performance standards.
The Cattaneo team of Martyn Pilley and Richard Newman advised Ash & Lacy on the whole acquisition process including preparation of the initial offer, the negotiation of the detailed transaction terms and on structuring financing. Funding came from Ash & Lacy’s existing cash and debt facilities plus additional facilities made available by HSBC, represented by Gary Riley, Sally Bradshaw, Andrew Skidmore and Sam Owen. Ansons (Paul Bennett) acted as legal advisors to Ash & Lacy while Hawkins Hatton provided legal advice to HSBC. The Vestatec shareholders were advised by Meadows and Confianza Advisory.
Dr Jonathan Evans, CEO of Ash & Lacy, commented:
“This acquisition marks a significant milestone for both companies, bringing them together to create Europe’s leading specialist in both interior and exterior decorative metal components. Having worked with Cattaneo for many years they understood exactly what we were aiming to achieve and were able to bring their technical knowledge and commercial awareness to bear in managing a tight process to deliver the transaction without delay.”
Martyn Pilley of Cattaneo said:
“In a time of extended deal processes it is pleasing to have brought this transaction to a successful conclusion within four months of agreeing transaction terms. The deal was a good example of all parties working together constructively to achieve a fair balance of risk and reward while focusing on creating a market-leading business able to challenge in global markets.”
