PwC advises CT Automotive on its ABL refinancing to support planned growth
PwC’s Debt and Capital Advisory team has acted as Debt Advisor to CT Automotive Group PLC (“CT Automotive”) on the refinance of its existing working capital facility, providing total funding of up to $20 million and extending out to October 2027.
CT Automotive specialises in designing, developing, and manufacturing custom automotive interior finishes and kinematic assemblies, such as dashboard panels, air registers, and deployable cup holders, along with their associated tooling for leading automotive OEMs and Tier One manufacturers.
Headquartered in the UK, the company operates cost-effective manufacturing facilities in China, Mexico, Türkiye, and Czechia. CT Automotive supplies components for over 57 different models across 22 OEMs, including major brands like Nissan, Ford, GM, Volkswagen Audi Group, Bentley, and Lamborghini, as well as electric vehicle manufacturers like Rivian.
The new asset-based lending facility is with FGI Worldwide LLC (“FGI Finance”), providing a total facility of up to $20m, committed for a period of three years to October 2027. The multijurisdictional funding package consists of receivables and inventory-based lines, with the borrowing rate remaining substantially the same as with the previous facility.
The PwC Debt and Capital Advisory team advising on the deal was led by Christopher Hawes, with support from Kristian Randall and Lizzie Bosson.
Anna Crosby, David Worby and Adam Newton at Fieldfisher provided legal advice to the company.
Simon Phillips, CEO of CT Automotive, said:
“As we outlined in our interim results announcement and investor presentations last month, we are very excited by the growth opportunities in front of us. A number of new manufacturing programmes have started in 2024 and will ramp up in 2025, and there are new programmes commencing next year that will ramp up in 2026. The new facility is therefore key and will provide total funding of up to $20 million, enhancing our operational flexibility, supporting our planned revenue growth, and in particular funding new programmes in Mexico where we see a significant opportunity as US auto companies seek to bring manufacturing back closer to home.”
Christopher Hawes, Managing Director at PwC UK Debt and Capital Advisory, said:
“CT Automotive is an entrepreneurial business which has succeeded in becoming a key supplier to the global automotive industry. Their financial needs are quite complex with multi-currency and cross-border location of assets, and the need for the parts to be in the right place at the right time to meet their customers' requirements. The need to find the right financing partner required a deep understanding of their business, of the sector and of the ABL industry. We are incredibly pleased to have worked with them, their legal counsel and FGI Finance to source a facility which primes them for growth where their customers need them.”
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