Thu, 17 Oct 2019 | BUSINESS SALE
Salvage and vehicle recycling company SYNETIQ Limited has acquired St Albans-based Motorman for an undisclosed sum.
Motorman is the UK's leading independent remanufacturer and supplier of engines, transmissions and drive train products and an integral partner to the UK fleet industry. Established over 50 years ago by Tony Zalkin, the business has built an enviable reputation for its technical expertise, consistent product quality and nationwide service capability.
Led by Mark Lucas and Fardeen Nariman of business advisory firm Quantuma, the acquisition saw the sale of Motorman’s entire share capital to Synetiq, which operates across the UK and processes over 100,000 vehicles each year.
The entire Motorman team has been retained and will continue to be led by sales director Brian Cafferty. The business will be integrated into the SYNETIQ business, with a priority to ensure a smooth transition for clients, suppliers, and colleagues.
Mark Lucas, partner at Quantuma, said: “Motorman is an attractive strategic fit with SYNETIQ given its 50-year trading history and long-standing relationships with blue chip clients - a key market for SYNETIQ. We are delighted that Motorman has found a suitable home within Synetiq that will help it grow and prosper. We wish Tony and Marion the very best. They have earned a well-deserved retirement.
Tony Zalkin, founder of Motorman, said: “I am proud of the business that Marion, myself and our dedicated team have built over the years, but the timing is right to enjoy our retirement with the knowledge that the synergy between the two companies is an ideal marriage to enhance future growth for both companies. I know that our legacy is in good hands with both Brian and the SYNETIQ business. I also want to thank Mark and Fardeen for their professionalism and friendship throughout this process in helping us achieve an exemplary outcome.”
Tom Rumboll, executive chairman at SYNETIQ, said: “SYNETIQ was created to build the UK’s best and most innovative provider of solutions to the parts, salvage and fleet market. The acquisition of Motorman is another step in enhancing our market-leading proposition and will allow us to unlock real synergies for the benefit of our clients, customers and colleagues. We wish Tony and Marion all the best in their retirement and look forward to welcoming Brian and the team into the SYNETIQ family”.
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