Leading Essex law firm Birkett Long LLP has advised a major industrial group on a new investment in a business based in South Essex.
David Wisbey, corporate finance lawyer and Birkett Long’s Chairman, led the team that advised Valeo on the acquisition of the Variable Torque Enhancement System (VTES) business of automotive technology development company, Controlled Power Technologies (CPT), based in Laindon in Essex.
Valeo is an independent industrial group that designs, produces and sells components, integrated systems and modules for the automotive industry, mainly for CO2 emissions reduction. With its headquarters in Paris, the Valeo Group has 125 plants and 21 research centres and employs 67,900 people in 28 countries worldwide.
The acquisition of the VTES business, which will remain in Essex, will allow Valeo to become the first automotive supplier to offer its customers a range of electric superchargers. This innovative technology is highly efficient at low engine revolutions, meaning that engine size, and therefore fuel consumption, can be reduced.
Mr Wisbey said: “This is a significant acquisition as Valeo pioneers new technologies for carbon reduction in the automotive sector. We were delighted to help Valeo conclude this deal, especially as it represents investment into an Essex based business. CPT is an example of the growing, innovative businesses located in the South of the County that led us to set up our new office there.”
Chief Executive Officer at CPT, Nick Pascoe, said: “CPT has worked with Valeo over a 3 year period to define electric supercharging system requirements. Our automotive customers wanted clarity about future plans for the VTES product and a sale to Valeo was the best solution to enable this technology to reach its full potential.”
VTES will be integrated into Valeo’s Powertrain Systems Business Group. Valeo has an R&D budget of more than 600 million Euros and has filed more than 600 patents this year alone.
