Automotive parts supplier sold in £182m deal
Kettering automotive components supplier Motor Parts Direct has been sold to Motus Holdings (Uk) in a deal worth £182m.
Motor Parts Direct was established in 1999 in Kettering and now has a network of 175 branches and a fleet of over 900 delivery vehicles. The business has more than 14,000 active customers and employs 1,700 people.
Motus Holdings (UK) is the UK-based subsidiary of South African listed Motus Holdings. The company was listed on the Johannesburg Stock Exchange in November 2018 and is now South Africa’s leading automotive group, employing over 17,000 people globally.
Motus CEO, Osman Arbee, said: “Motus remains focused on deepening its competitiveness and relevance across the full automotive value chain. The acquired business is cash generative and asset light. It will provide economies of scale, procurement benefits and synergies. Key management have been secured and are committed to continue managing the business.”
Irwin Mitchell’s corporate team advised Motus with partner Emma Callow leading the team. She was supported by senior associate Matt Smith; Greg Mazgajczyk; Tom Wisniewski, Alex Bloomer and Paige Richardson. Gurpreet Hayer led the Irwin Mitchell real estate team, supported by Stuart McDonald and Mary Gharmount.
Irwin Mitchell previously advised Motus Aftermarket Parts on the acquisition of FAI Automotive in October last year.
Callow said: “The Irwin Mitchell team is delighted to have been able to support Motus on this deal as it continues to grow its footprint in this sector in the UK. It required real team work and collaboration on all sides to be able to deliver this historic transaction for Motus and we look forward to working with the Motus team in future.”
Mike Tillson (partner) and Ryan Shields (director) of Grant Thornton corporate finance and Jonathan Hambleton (partner) and James Cowell (director) at Freeths acted for the shareholders of Motor Parts Direct.
