Millbrook
Liberty advises the management team of Millbrook on it’s acquisition by Eurazeo backed UTAC CERAM
Liberty Corporate Finance (“Liberty”) advised the management team of Millbrook on the acquisition by UTAC CERAM, a portfolio company of Eurazeo
Spectris has agreed with UTAC CERAM, the French automotive testing and homologation specialist, for UTAC CERAM to acquire certain subsidiaries constituting the Millbrook business from Spectris for a headline value of £133 million.
Millbrook provides vehicle test, validation and engineering services to customers in the automotive, transport, tyre and petrochemical industries. It has a range of test facilities for full vehicles, tyres and components located in the UK, the USA and northern Finland. As at 30 June 2020, the book value of Millbrook's gross assets amounted to £189.4 million.
In September 2020, Eurazeo became a majority shareholder in UTAC CERAM, the French automotive testing and homologation specialist with a diversified portfolio of activities such as development testing, homologation, technical inspection and EuroNCAP testing. It has two proving grounds in France and is opening one in Morocco in 2021. Given the highly complementary portfolio with Millbrook, Eurazeo’s strategic plan is to combine the two businesses. The combination will enable the group to strengthen its market position and enhance its customer offering given the expanded technological resources, technical expertise and geographical coverage.
The transaction is subject to customary completion conditions and regulatory approvals, with completion expected to take place in the first quarter of 2021.
Liberty advised the management team of Millbrook, led by Connor McCormack (CEO) and Andrew Nelson (CFO), on their equity incentive arrangements in the combined group.
Congratulations to Spectris plc and the Millbrook team on reaching agreement on an exciting combination with UTAC CERAM. The complementary strengths of the two businesses will provide a great platform for future growth across the globe.
Michael McDonagh
Partner
07715705000
michael.mcdonagh@libertycf.co.uk