|Facility||Asset Based Lending|
Lander Automotive has completed its latest acquisition of the UK plants of Tricorn Group (formerly known as MaxPower, and Malvern Tubular Products Ltd) with the support of specialist lender Shawbrook Bank who delivered a comprehensive Asset Based Lending facility.
Established in 1951, Lander Automotive is a leading supplier of assembled products primarily in the automotive sector, specialising in fluid and air transfer systems, welded structures, interior trim products, and plastic tubular assemblies. Head-quartered in Birmingham, the long-established business has developed an excellent reputation and has a strong customer-base with close relationships with businesses such as Jaguar Land Rover. The business was acquired by GIL Investments in March 2020, also with the support of Shawbrook Bank.
The Asset Based Lending facility provided by Shawbrook supported the acquisition of the UK plants of Tricorn Group, a niche manufacturer of pipe and tubing assemblies supplying worldwide markets. The business makes similar products to Lander Automotive but supplies predominantly to the off-road market. The acquisition therefore allows Lander Automotive to build on existing capabilities whilst also providing an opportunity to expand the business’ presence across various markets.
With the funding from Shawbrook, Lander Automotive can move forward with ambitious growth and diversification plans, whilst also contributing to the regional and wider economy by protecting jobs and continuing to supply essential products to the automotive industry and beyond.
With similar product portfolios, there is a strong alignment with Landers’ capabilities in tubular fluid and air carrying products, and is the first phase in building a broader strategic customer base whilst combining Lander’s Operational Excellence to these existing and highly respected manufacturing businesses.
Len added: “We knew that Shawbrook would be the ideal funding partner for this acquisition as we already had a close relationship with the team. Shawbrook has continued to demonstrate that they are experts at what they do and can act at pace. Having previously worked with us the team knew our business, our sponsor, and our sector and were able to provide a funding solution that ticked all our boxes.”
Mark Parsons, Managing Director of Corporate Lending - Midlands, North and Scotland at Shawbrook Bank, commented:
“We are deeply aware of the numerous challenges currently being navigated by businesses across the automotive industry, including the chip shortage and the ongoing impacts from the pandemic. Having already developed a strong relationship with Lander Automotive and their sponsor, we knew the resilience and strong foundations of the well-established business so were able to quickly recognise the opportunities that the new acquisition could bring. We are proud to continue to work with Lander Automotive as the business continues to evolve and as members of The Society of Motor Manufacturers and Traders we are here to support the wider automotive industry.”
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