EV TECHNOLOGY GROUP
ANNOUNCES AGREEMENT TO ACQUIRE UP TO 100% OF FABLINK GROUP,
SPEARHEADING FUTURE GLOBAL GROWTH
Hear from EV Technology Group CEO Wouter Witvoet on the
Acquisition: https://bit.ly/3zvEGcm
Transaction Highlights:
EV Technology Group (NEO:
EVTG) (OTCQB:
EVTGF) (DE: B96A) announces that it has entered into the
Definitive Agreement to acquire leading British Tier 1 supplier and
specialist manufacturer, Fablink Group Holdings Limited
(“Fablink”)
- The transaction is valued at up to £38.8m with £29.5m to be
paid in cash for 76% of Fablink and Fablink will have an option to
sell the remaining 24% of Fablink for £9.3m in Common Shares of the
Company.
Fablink is a leading UK manufacturing and engineering
organisation with >C$110m in annual revenues and strong growth
through its exposure to electric vehicle demand
- Fablink has ~750 employees across seven manufacturing sites,
counting leading global OEMs amongst its client base
- Fablink recently launched Streamline Automotive to serve the
explosion in electric vehicle assembly and manufacturing demand,
emerging as a national leader in the sector
The acquisition creates synergies, commercial and cost
saving opportunities to the consolidated Group
- Fablink Group is a strategic acquisition to bring engineering,
supply chain, manufacturing and assembly expertise in-house,
strengthening EV Technology Group’s commercial offering
- Fablink Group to retain leadership team, employees, facilities
and global customer base, with Fablink Group CEO Richard Westley to
be appointed as EV Technology Group’s Chief Operating Officer upon
completion of the acquisition
- Fablink Group is the contract vehicle manufacturing &
assembly partner of MOKE International, which recently released the
Electric MOKE, and which EV Technology Group recently announced a
definitive agreement to acquire up to 100% of its shares
TORONTO, ON, Canada -- August 3, 2022 --
InvestorsHub NewsWire -- EV Technology Group Ltd.
(the “Company” or “EV Technology
Group”) (OTCQB:
EVTGF, NEO:
EVTG, DE: B96A), announces today the signing of a share
purchase agreement with the shareholders of Fablink Group (the
“Definitive Agreement”) to acquire 76% of Fablink
Group Holdings ( “Fablink Group”), the leading
British Tier 1 supplier and specialist manufacturer (the
“Acquisition”) and a share exchange agreement (the
“Option Agreement”) with certain shareholders of
Fablink Group which provides them with an option to sell the
remaining 24% of Fablink Group to the Company.
The acquisition is a strategically important one for EV
Technology Group, giving it access to Fablink’s world-class
in-house manufacturing and engineering expertise. Since it was
founded over 14 years ago, Fablink has built up a market-leading
position as a Tier 1 supplier to the automotive, transport and
off-highway sectors, counting leading global OEMs in its customer
base.
Fablink Group is renowned for the supply of pressings and
complex welded structures, cab assemblies, lightweight bonded
aluminium chassis & structures, mixed material architectures,
as well as niche and lower volume build for automotive and
e-mobility brands. The Acquisition includes all seven Fablink
manufacturing sites across the UK, and Streamline Automotive, a new
division of Fablink Group that provides specialist low and medium
volume electric vehicle manufacturers with turnkey clean build
vehicle assembly capabilities. It is already the manufacturing
partner of MOKE International, a company that has recently agreed
to join EV Technology Group’s house of brands with the signing of a
definitive agreement for EV Technology Group to acquire up to 100%
of its shares, and who has recently introduced the Electric
MOKE.
Under the terms set out in the Definitive Agreement, the Company
shall pay (a) £29.5 million to certain shareholders of Fablink
Group in exchange for 76% of the total issued and outstanding
common shares (the “Purchased Shares”) and (b)
£719,000 to acquire existing shareholder debt of Fablink Group.
Furthermore, under the terms set out in the Option Agreement,
certain shareholders of Fablink will maintain an option, for one
year from the date of the Option Agreement, to sell the remaining
24% of Fablink Group in exchange for common shares of the Company
(the “Common Shares”), subject to certain
adjustments (the “Option”). The completion of the
Acquisition and the Option and are subject to customary closing
conditions, including any related financing, due diligence and
approvals by the NEO Exchange. No finder fees are payable in
connection with, and no change of control of the Company will
result from the Acquisition. There can be no assurances that the
Acquisition or the exercise of the Option will be completed as
proposed, or at all.
The Acquisition is expected to close later in the year.
Richard Westley, CEO, and founder of Fablink Group will remain
in his current position in the new structure and will also join the
EV Technology Group executive team as Chief Operating Officer upon
completion of the acquisition. Fablink will also retain its current
leadership team, facilities and over 750 employees.
Richard Westley, CEO, and founder Fablink Group
stated “There’s no doubt that EV Technology Group’s
acquisition of Fablink is a fantastic fit. This Acquisition not
only presents a superb blend of resource and capabilities, aligned
to underpin EV Technology Group’s significant growth plans, but
also gives Fablink Group a platform for significant future
investment in our people, facilities & technology. The
Acquisition allows us to accelerate the delivery of our strategies
in support of our existing global OEM customers, as we continue on
our mission of achieving operational excellence across our
manufacturing sites, and also provides a platform to further
develop the business as we look to support EV Technology Group’s
own brands. This is a tremendously exciting step for Fablink and we
are looking forward to an even brighter future as part of a larger
group.”
Wouter Witvoet, CEO of EV Technology Group
stated “This Acquisition is of huge strategic importance
to the EV Technology Group. Having access to Fablink’s 750
world-class electric vehicle manufacturing and engineering experts
in-house makes us more competitive, efficient, and agile for
Fablink’s existing customers and our own future projects. On a
personal note, I am also looking forward to working closely with
Fablink’s founder and CEO Richard Westley who has built a
remarkable world-leading business and will also be joining me at EV
Technology Group to help steer the future success and growth of the
entire group.”
About Fablink Group
Fablink Group, headquartered in Northamptonshire, is a leading
British Tier 1 supplier of automotive structures and complete
vehicle assemblies to some of the world’s leading OEMs in the
automotive, transport and off-highway markets including
Caterpillar, CNH, DAF, JLR, JCB, Mecalac, MOKE, Morgan, Nifty-Lift
& Perkins.
Fablink Group is renowned for the supply of pressings and
complex welded structures, cab assemblies, lightweight bonded
aluminium chassis & structures, mixed material architectures,
as well as niche and lower volume build for automotive and
e-mobility brands. With depth and breadth of operations across six
British sites, Fablink Group’s 500,0002 ft of
manufacturing space is home to 750 highly skilled engineers and
production staff.
At the heart of Fablink Group sits Fablink Technologies as an
advanced engineering and technology hub providing engineering
services through product development, prototyping, tooling design
and build as well as a strong design for manufacture (DFM)
capability to support Fablink Group’s customers. Fablink
Technologies’ market-leading expertise delivers complete
engineering engagement with customer engineering teams from initial
concept, through prototyping to manufacture.
Streamline Automotive is a new division within Fablink Group,
providing niche and low-volume clean build manufacturing for
premium OEMs, specialist brands and e-mobility start-ups.
Streamline E Mobility – the first division sub-brand – provides
e-mobility companies access to turnkey manufacturing solutions for
lightweight chassis, mixed-material architecture, and bonded
aluminium structures. Streamline Panels and Assemblies is a
well-established metal forming and fabrication business, creating
exquisite hand-crafted bodies and assemblies.
EV Technology Group
EV Technology Group was founded in 2021 with a vision of
electrifying iconic brands - and a mission of redefining the joy of
motoring for the electric age. By acquiring iconic brands and
bringing beloved motoring experiences to the electric age, EVT
Group is driving the EV revolution forward. Backed by a diversified
team of passionate entrepreneurs, engineers and driving
enthusiasts, EVT Group creates value for its customers by owning
the total customer experience — acquiring and partnering with
iconic brands with significant growth potential in unique markets,
and controlling end-to-end capabilities. To learn more visit:
https://evtgroup.com/
Media
Rachael D’Amore
rachael@talkshopmedia.com
+1519-564-9850
Investor Relations
Dave Gentry
dave@redchip.com
+14074914498
EV Technology Group
Wouter Witvoet
CEO and Chairman of the Board
wouter@evtgroup.com
Forward-Looking Information
This news release contains forward-looking statements including,
but not limited to, the Definitive Agreement, the Acquisition, the
Option Deed and the Option, the acquisition of MIL, the terms of
such transactions, closing conditions and regulatory approval, the
appointment of Mr. Westley as Chief Operating Officer of EV
Technology Group, and EV Technology Group’s plans,
operations, expectations, and future actions. Often, but not
always, these Forward-looking Statements can be identified by the
use of words such as “estimated”, “potential”, “open”, “future”,
“assumed”, “projected”, “used”, “detailed”, “has been”, “gain”,
“planned”, “reflecting”, “will”, “containing”, “remaining”, “to
be”, or statements that events, “could” or “should” occur or be
achieved and similar expressions, including negative
variations.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of the Company to be materially
different from any results, performance or achievements expressed
or implied by the Forward-looking Statements, including those
factors discussed under “Risk Factors” in the annual information
form and filing statement of the Company. Although the
Company has attempted to identify important factors that could
cause actual actions, events or results to differ materially from
those described in Forward-looking Statements, there may be other
factors that cause actions, events or results to differ from those
anticipated, estimated or intended.
Forward-looking statements involve significant risk,
uncertainties and assumptions. Many factors could cause actual
results, performance or achievements to differ materially from the
results discussed or implied in the forward-looking statements.
These factors should be considered carefully and readers should not
place undue reliance on the forward-looking statements. Although
the forward-looking statements contained in this news release are
based upon what management believes to be reasonable assumptions,
the Company cannot assure readers that actual results will be
consistent with these forward-looking statements. The
forward-looking statements contained herein are made as of the date
hereof and the Company disclaims any obligation to update any
forward-looking statements, whether as a result of new information,
future events or results or otherwise, except where required by
law. There can be no assurance that these forward-looking
statements will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such
statements. Accordingly, readers should not place undue reliance on
forward-looking statements.
All information contained in this press release with respect to
EV Technology Group and Fablink Group was supplied by the parties
respectively for inclusion herein, and each party and its directors
and officers have relied entirely on the other parties for any
information concerning the other party. EV Technology Group has not
conducted due diligence on the information provided by Fablink
Group and does not assume any responsibility for the accuracy or
completeness of such information.
THE NEO STOCK EXCHANGE DOES NOT ACCEPT RESPONSIBILITY
FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
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