FPS will continue to operate as a standalone, limited company supplying motor factors and engine remanufacturers.
The senior management team at FPS remains the same and each member has signed long term contracts with the company. The business strategy will remain unchanged continuing the existing investment plans in new sites and infrastructure, value added IT solutions and new ranges, all to support business development with its core customer base.
Managing director, Terry Wainwright, says: “Since our management buyout some three and half years ago, we have worked hard – along with our partners ABN Amro – to build the business and enhance the position of FPS in the independent aftermarket. As a Venture Capitalist, ABN were always looking to realise their investment at some point and with this announcement, we have secured the long term future of FPS as an independent business”.
Ken Surgenor, Lookers' chief executive, comments" “Everything to do with FPS remains exactly the same and both customers and suppliers alike will continue to experience the same high quality service and integrity that FPS has prided itself on during the past 70 years.”
Completion of the acquisition, announced at 8.30am today, is subject to shareholder approval.