For many years now, the Parts Division (FPS, Apec and BTN) has been an independent division of Lookers PLC, the motor retail group, and has been well supported by them in serving the automotive aftermarket in the UK.
Lookers has now reached an agreement whereby the Parts Division ownership will transfer to Alliance Automotive Group, a large European aftermarket business for £120m. AAG, which has a substantial business in France and Germany, operates in the UK through their GA/UAN trading groups as well as their subsidiary motor factors.
The Parts Division will operate as an independent division of AAG, going to market as it does currently under the existing management teams, and will report to the Chairman and co-founder, Jean-Jacques Lafont.
The agreement reached is an exchange of contracts, and final completion, which is subject to shareholder approval and regulatory clearance, is expected at the end of October.
Neil Davis, managing director of the Parts Division, commented: “The Parts Division has been extremely well looked after by Lookers PLC and in turn is very successful. With a consolidating European market, this transaction allows us to secure our market position, and share the opportunities this will bring, to the benefit of all our customers, our suppliers, and our colleagues”.