Pictured above: Michael Meakin - Clement Keys &
Allan Cook - Wild Manufacturing
A Midlands based manufacturer that supplies the automotive
industry has made two major acquisitions from ITW, a large
multi-national group based in Illinois, USA, that will provide
substantial new business for the company in both the UK and
mainland Europe.
AWC Industries Ltd which currently has two manufacturing
automotive plants in the UK - Wild Manufacturing Group Ltd at
Witton and Wild Springs & Wireforms Ltd in Redditch, purchased
ITW-Siewer in Hungary and the business and assets of UK based ITW
Highland.
ITW-Siewer is a modern 150,000 sq ft automotive pressings and
assemblies plant in the South West of Hungary and ITW Highland is a
50,000 sq ft automotive pressings plant based at Cannock in the
West Midlands.
Chartered Accountants Clement Keys, who have acted for AWC's
managing director Allan Cook since he purchased the
original business in 2003, advised on the structure of the deal and
provided due diligence for the UK acquisition
Partner Michael Meakin commented: "This was a very complex
transaction because of the plant in Hungary and the lack of finance
available from the banks for such deals in the current market.
"We secured some funding from the Enterprise Finance Scheme via
the Royal Bank of Scotland which provided security for AWC to fund
the acquisition and RBS also provided debtor finance for the UK
element of the business."
Allan Cook adds: "The purchase of the UK operation expands the
group's capabilities into two very niche markets, deep drawn
components and the design and manufacture of automotive hinges.
Whilst the automotive industry is very a tough environment at the
moment , we see strong opportunities for growth in both of these
specialist areas.
"The acquisition in Hungary provides a substantial
infrastructure and an established turnover of more than 12 million
Euros in an important area of Europe."
Wild Manufacturing produces over 2 million small and medium
precision components, shims, assemblies and brackets every day.
Wild Springs & Wireforms produces over 150 million springs,
wires and tubes per annum and both supply automotive vehicle
manufacturers, OEM's, component suppliers and distributors in more
than 35 countries worldwide.