Vertu buys AceParts for £2.2 million
Vertu has entered into the online parts sales sector with the acquisition of AceParts; an online vehicle parts business based in Sittingbourne, Kent. The company sells through its own website AceParts and also through Amazon and eBay, using Royal Mail second class post for deliveries throughout the UK.
The purchase price was £2.2m and the online business has an annual turnover of £4.8m and EBITDA of £600,000. AceParts was founded by Alan Friedman and Ben Friedman who along with their 21 staff will transfer to Vertu. Vertu said there was a “significant opportunity” to grow the AceParts business and sell OE parts online to independent garages and retail buyers.
Robert Forrester, CEO of Vertu Motors said: “This is an exciting development in a growing space, which is parallel to our core motor retail business and has synergies with it. “We expect AceParts to generate an earnings stream with higher gross and net margins than those in motor retail, and we believe that the future growth prospects for this new business are substantial. By working with the niche skills of the AceParts team and the Group’s franchise partners, we believe that we can build a significant business which will meet the needs of a wide range of customers seeking specific vehicle parts.”