MILSTED LANGDON ADVISES ON PRE-PACK SALE OF GLOUCESTERSHIRE AEROSPACE COMPANY
Released On 20th Jul 2022
Evolito Limited has acquired the business and assets of the technology and engineering services company Electroflight Limited, based at Gloucestershire’s Staverton Airport.
Electroflight specialise in high integrity, bespoke battery systems for the aerospace and defence industry.
Recently Electoflight was part of the world-record-breaking ACCEL project, partnering with Rolls-Royce on the ‘Spirit of Innovation’ aircraft, officially the world’s fastest all-electric aircraft, clocking up speeds of 387.4mph.
Evolito Limited was also involved in the Rolls Royce ACCEL project to build and fly the world’s fastest electric plane, providing the three axial-flux electric motors that power the Spirit of Innovation aircraft.
The directors of Electroflight brought in Milsted Langdon’s specialist Restructuring and Insolvency team to advise on the future of the business, following a period of seeking additional investment to take the organisation to the next level. The South West-based firm was delighted to have been able to complete a sale of the company’s business and assets to Evolito Limited.
Milsted Langdon Partner, Simon Rowe said: “I am pleased we have delivered this transaction, completing the sale to an organisation who shares Electroflight’s passion for sustainable mobility. We achieved a sale of the company’s assets as a whole, which greatly exceed the break-up sale valuation. In addition, all staff transferred to the purchaser, which managed to avoid any redundancies.”
