Thu, 17 Oct 2024 | BUSINESS SALE
Cheadle-based car parts manufacturer group Klarius has been acquired by ‘buy and build’ private investment firm CorpAcq after it cancelled plans to list in New York.
The Klarius Group of Companies, which includes Klarius, Emissco, KMT, Autologistiks and TIMEC manufactures and distributes automotive aftermarket emissions systems. It makes a range of products such as exhausts, catalytic converters, diesel particulate filters, mountings and accessories. These cater for most cars from SUVs to sports cars, classics to light commercial vehicles.
According to its latest accounts filed to Companies House for the year to December 2023 it had a turnover of £26.5 million, just down from the previous year’s £26.8 million and an operating profit of £2.3 million up from £1.3 million. It said despite volatile costs it had benefited from its close relationships with key suppliers and economies of scale.
The group will now join corporate acquisition specialist CorpAcq’s portfolio of over 40 companies producing a combined turnover over £650 million. These include Plant Hire UK, Cotton Traders and Olympus Engineering.
Founded by Sale Sharks Rugby Club owner Simon Orange, the brother of Take That singer Jason Orange in 2006, CorpAcq abandoned a £1.26 billion merger in August with US special investment vehicle Churchill Capital Corp VII. This would have seen the company listed onto the New York Stock Exchange.
Klarius said CorpAcq has a proven record of maintaining the operational independence of the businesses it acquires. It said there will be no change to its current board of directors, ensuring stability and continuity for all of its employees, customers, and partners.
It said the acquisition aligns with its “goals of continued growth and success, with CorpAcq offering expert financial and management support to help unlock the full potential of the business”.
John Hood, finance director at Klarius said: “We couldn’t have wished for a better outcome. This acquisition marks an excellent opportunity for the company, allowing us to continue business as usual while benefiting from the expertise and resources that CorpAcq brings.”
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