Fri, 12 Aug 2016 | DIVISION SALE
Lookers Motor Group, which sells new and used cars across the UK, is set to sell off its car parts division.
A conditional £120 million sale has been agreed to European automotive and commercial vehicle parts distributor, Alliance Automotive, and is due to complete in October. The disposal will enable Lookers to seek out new acquisition opportunities and is presently in an advanced stage to purchase two branded car dealership businesses, which it hopes to announce soon.
A class one transaction, the Lookers car parts sale is dependent on EU merger control clearance and shareholder approval going through successfully.
The parts division, which includes brands such as BTN Turbo, FPS and Apec Braking, is one of the highest margin aspects of the Lookers group; in the year ending December it contributed £219 million of Lookers' £3.65 billion total sales, and £12.6 of its £85.9 million underlying profits.
Lookers' chief executive Andy Bruce commented on the sale: "I am pleased to announce this conditional agreement which the board believes is in the best interest of shareholders.
"The offer from Alliance Automotive is an attractive one and will enable us to focus on what we do best; buying and selling cars, and adding value through acquisitions.”
Find your perfect business to purchase
Nursery and out of school club. Ran under management. Registered for 175 places. Established in 1993. This is a retirement sale. Offers invited.
This business has established a strong brand within its market place in over 20 years of trading. The owners have built a strong team to operate the business on a day to day basis. Offers invited.
LEASEHOLD
If you are looking for an uncomplicated yet profitable business, this is it. Using RFID and BLE technology our client works across a number of sectors to electronically tag assets for ease of monitoring. Put simply, the business is one link in a chai...
WORK FROM HOME
|
14
|
|
Nov
|
Scale manufacturer taken over in MBO | MBO/MBI
Weighing scale manufacturer Marsden Weighing Group has been ...
|
13
|
|
Nov
|
Brighton energy firm appoints administrators | ADMINISTRATION
Brighton-based utilities company Toto Energy has gone into a...
|
12
|
|
Nov
|
MBO at Gloucestershire bricklayers | MBO/MBI
Gloucestershire building services firm Cavendish Park Brickl...
Sign up to receive our acquisition alert emails to get your FREE guide
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources