The deal, which sees Fourth almost double in size, will enable the company to float on the AIM in 2009.
Ben Hood, Fourth managing director, said: “This acquisition represents a key stage in the progression of Fourth and we are firmly committed to capitalising on ABS’s excellent reputation in the automotive aftermarket sector.
“The eparts brand will be a valuable addition to the Fourth family and we look forward to building on its current position of strength.”
There will be no changes to eparts’ strategic alliance with TecCom - the Partnership for Aftermarket Connectivity Technologies (PACT) – or its partnership agreements with MAM and Activant. PACT will remain a central component of eparts’ ongoing strategy for growth.
Mark Rudge, e-parts managing director, said: “Fourth has acquired ABS not only to extend its reach in the hospitality sector but to benefit additionally from the experience that ABS has in providing integrated purchase to pay solutions in other industries, the strongest example of which is eparts.”
Following the acquisition of ABS, Fourth will now employ more than 100 people, service over 400 clients with 5,000 client units ordering daily to over 4,000 distributors, while processing payroll for over 80,000 client employees every month.