Leeds-based private equity fund Endless has secured a deal to save 1,200 jobs.
Brabant Alucast International has announced that Endless LLP has concluded a deal to acquire the Brabant Alucast group.
The announcement follows an agreement in January between Endless LLP and BAI’s senior lenders to refinance the group and provide further funding to support the business while waiting for the regulatory approvals required to conclude the share acquisition.
The deal will secure funding and a long term future for BAI, safeguarding the future of around 1,200 jobs across Europe.
Brabant Alucast is a supplier of die cast aluminium and magnesium components to the automotive industry. The group employs more than 1,000 people across five operating site; Oss, Heijen (both Netherlands), Verres (Italy), Wendlingen (Germany), and Strakonice (Czech Republic).
Endless LLP is a private equity fund backed by blue chip US, European and UK institutions with approximately £1bn in funds under management. BAI will take the revenues across the Endless LLP portfolio to over £3bn.
Marcel Schabos, CEO of BAI, said: “We very much welcome the Endless team’s involvement in our business. Their support will enable BAI to continue and accelerate the improvement programs that have been started in the course of 2015, and also to execute the required investments for the medium and long term.
“The new ownership will put BAI back into a normalised course of business and enhance the prospects of the business for all stakeholders.
“In a relatively short period of time, the board of management and the Endless team have already been able to develop a very transparent, seamless and productive co-operation. From a strategy point of view we are in agreement with both parties concerned about long term future and success of our business. However, BAI will continue to require the support and patience of all stakeholders as we develop a sustainable plan for the business.”
Francesco Santinon, partner at Endless LLP said: “We are delighted to have the chance to back BAI and support the board of management’s ambitions to take a long established European business forward. BAI has a reputation for product quality and a range of capabilities and we are excited about the plans to enhance this further. We look forward to helping them grow their business in the coming years.”
The Endless deal team was led by Garry Wilson, Francesco Santinon, Matthew Jubb, Simon Hardcastle, Mark Stevens, Stefan Nowakowski and Jon Duffy. Endless was advised by Addleshaw Goddard (Andrew Smith and Andy Bates), Loyens & Loeff (Vincent Vroom and Steven Wiggers), and EY (Jos Boerland).