The group is paying £9.25m in cash for the entire share capital of the business.
Apec will continue to trade under the same name, from its existing location and with the same senior operational management team.
The business operates from a 40,000sq ft. packaging and distribution facility based on a freehold three acre site on the Great Western Business Park in Yate, Bristol. Lookers said the acquisition will add around £15m to turnover and should make an impact from January 2006.
Aside from the departure of previous owners Roger and Jenny Maggs, the management of Apec remains unchanged, with Steven Fisher taking up wider responsibilities as director and general manager. He will be supported by the current team, with further recruitment planned to support future business development.
Ken Surgenor, Lookers’ chief executive, said: “Whilst our focus in the first half was to grow our franchise portfolio and increase our used car supermarkets presence, we are delighted to have taken this opportunity to strengthen our position in the aftersales parts market. Aftersales and parts is one of the fastest growing segments of the automotive market and currently contributes to 53% of gross profits.
“Having successfully entered the parts aftermarket in the UK through FPS, we are confident that Apec will prove to be a successful addition to our parts activities”.