ATC Drivetrain powers into MBO
Who?
ATC Drivetrain, the Grantham-based supplier of remanufactured diesel and petrol engines.
Did what?
Has been bought in an MBO.
What does this mean?
A £2.5m asset-based lending facility to support the deal by was supplied by Leumi ABL, a subsidiary of Bank Leumi (UK). The company, which has an annual turnover of around £10m, will be renamed Autocraft Drivetrain Solutions Limited. Its customers include Ford, Jaguar Land Rover, GM, Chrysler, Volvo Cars, JCB and Subaru.
Who advised?
Browne Jacobson, the Midlands-based law firm, advised Leumi on the banking and property aspects of the MBO.
Insider comment:
Leumi ABL was established in 2006 as the specialist asset-based lending subsidiary of Bank Leumi, which has been operating in the UK since 1902. Jason Holland, Midlands regional sales director at Leumi ABL, said the ATC Drivetrain team has worked hard to make the business a success. “Following the successful implementation of a turnaround strategy by the management team, the company is now well placed to exploit market opportunities for growth as new engine emission rules come into force shortly. The new financing facility will generate the working capital Autocraft needs to expand their operations,” he said.
