Allparts details investment, growth plans
Buckinghamshire-based aftermarket supplier, Allparts Automotive Ltd will accelerate its branch network expansion following what it says is a significant investment from HgCapital. The company said its founder, Steve Fulford will continue to support the Allparts management team and retain his position as chairman of The Parts Alliance. As a founder of The Parts Alliance, Allparts stated that it would remain a committed and active member. Managing director, Mark Darvill, will continue to lead the Allparts board of directors and management team. Independent investment firm, HgCapital has assets under management of over £3.8 billion, and a strong interest in the automotive aftermarket. Allparts’ Parts Alliance colleague CES (UK) Ltd is also part of its investment portfolio, and the new investment will lead to greater collaboration between the companies, though both parties made clear that they intend to remain separate entities.
Fulford commented: “Allparts has always strived to be at the forefront of industry change. HgCapital’s investment allows us to build upon the success the Allparts team has helped to create over the years and continue to expand our distribution network.”
Darvill said: “HgCapital choose to invest in businesses with market leading positions. It aims to grow and scale these businesses, either organically within existing markets or through acquisitions. With Hg, we have put a framework in place for an exciting future which we can shape together.”
Steve McCann, managing director of CES commented: “When we announced the CES plans for expansion, we did so knowing that the shape of our future would be very different to what the market place anticipates. We look forward to working with Allparts as this will generate great benefits for our customers and our people.”
Allparts and CES will retain their own regional identities and work forces. They will now begin working together more closely and concentrate on growing the coverage of The Parts Alliance.
Fulford, chairman of The Parts Alliance said: “We are delighted with the announcement from Allparts. They remain a key member in The Parts Alliance and this latest investment reinforces the Group’s intentions to further strengthen the business synergies and distribution network of The Parts Alliance.
“Alongside the investment from CES, this funding will support our expansion and accelerate our future strategy for growth. We are confident that our plans will ensure we remain the largest and most effective automotive parts distributor group in the UK.”