Euro Car Parts boss Martin Gray has hailed rival distributor Andrew Page Limited as "iconic" after completing the acquisition of its entire business and assets.
Euro Car Parts’ parent company LKQ Corporation confirmed the deal this morning, with a total of 102 Andrew Page branch locations, its national distribution centre and corporate office all part of the agreement.
Martin Gray, chief executive of Euro Car Parts, said: “I am delighted to confirm that the future of the Andrew Page business has been secured, which celebrates its UK centenary next year.
“We remain committed to assuring that the iconic Andrew Page ‘brand’ continues to thrive and will remain separate from Euro Car Parts, but will benefit from our UK infrastructure, inventory and the financial support from the LKQ Corporation.”
Gray said that he was “thrilled” to confirm that Mark Saunders will remain as managing director of Andrew Page and said that the business was committed to retaining all team members, describing them as “the DNA that makes Andrew Page so uniquely special”.
He added: “We very much hope that Andrew Page’s customers will continue to support Andrew Page, partnering with them to ensure that the Andrew Page proposition, that they rely upon and love, continues to meet their current and future requirements.”
UK chairman and LKQ board member, Sukhpal Singh Ahluwalia, said: “As a competitor, I have always had the greatest respect and admiration for Andrew Page and the brand. So today, I’m absolutely delighted to welcome them into the LKQ family.
“The acquisition by LKQ firmly demonstrates our ongoing commitment to the UK market, which includes their investment in the Euro Car Parts brand new 1.6m sq-ft distribution centre, located in Tamworth and our recent acquisition of Arleigh, a specialist leisure wholesaler. “
As part of the sale process, administrators from PwC were appointed to Andrew Page Limited, Solid Auto (UK) Limited and Colton Parts Company Limited on October 3 and immediately concluded a pre-packaged sale of the business and assets of each company to the purchaser.
Mark Saunders, chief executive of Andrew Page, said: "This is a great deal for Andrew Page and its employees and puts us in a strong position for the future.
In the first full year since its refinancing in 2014, the company reported a doubling of EBITDA to £9.6m in the 12 months to September 30th 2015.
The business had invested £15m in the last financial year as it prepared for growth in turnover and profitability, including nearly £8m in a 500-strong fleet of new vans.
Andrew Page had also invested more than £1m in a state-of-the-art telephony system to transform communications across the business, increased capacity by 40% at its central distribution centre at Markham Vale, off the M1, and invested £500,000 in a new online platform retail.andrewpage.com.
Seven Andrew Page sites were excluded from the sale. AM understands these have been closed and staff made redundant.