Klarius plans more acquisitions as Quinton Hazel deal completes
KLARIUS, the automotive aftermarket manufacturing and distribution business has completed its acquisition of automotive group Quinton Hazell, but says more deals are in the pipeline.
The company, which has operations in Chorley and Lancaster and is owned by Tarporley-based businessman Tony Wilson, bought Leicester-based Quinton Hazell from US-based Affinia for an undisclosed sum.
It said the purchase will boost the group’s annual turnover to more than £350m.
But the company added that it is planning more acquisitions in the near future, which would further grow group turnover to around £450m.
Mr Wilson, who is chairman of the company, said of the Quinton Hazel deal: “This acquisition is ideal for both companies as Quinton Hazell products are largely complementary to the existing Klarius range – with very little crossover.
“We have the opportunity to grow the business in two ways: by developing new channels for our wider product range globally; and by exploiting our existing channels to the full, by providing customers with a wider range of quality products from a single source.”
He added: “Looking to the future; further planned acquisitions, plus the development of our strong manufacturing and distribution assets across Europe should soon see the group’s turnover accelerate to over half a billion [euros].”
Klarius Group was advised on the acquisition by the Manchester office of law firm Hill Dickinson.
The company has also agreed a new funding structure with Burdale Financial, the asset finance arm of Bank of Ireland. It will replace the firm’s existing funders, Landsbanki Commercial Finance. Manchester-based Ford Campbell acted for Klarius on the funding deal.
