Brum professionals accelerate automotive deal
The Birmingham office of Irwin Mitchell’s corporate team has advised Motus Aftermarket Parts (MAP) on its acquisition of FAI Automotive.
Motus Aftermarket Parts (MAP), which is part of South African listed company Motus, distributes parts and accessories for out of warranty vehicles.
Originally founded in the 1960s by the Walker family, FAI has expanded to become a brand leader in the automotive parts distribution aftermarket, generating a turnover of £35m in the UK, Europe and beyond.
FAI’s product range has grown from just eight product lines and 24 part numbers, to over 30,000 part numbers spread across 37 product lines.
Whilst Motus has been present in the UK market for many years through its subsidiary Motus Holdings (UK) this deal marks the first UK acquisition by MAP aimed at supporting its international growth strategy.
FAI has an established client base internationally and within the UK, with 50% of sales generated outside of the UK. The acquisition of FAI provides MAP with access to the key European aftermarket alongside other synergies.
Corporate partner Emma Callow and Associate Matt Smith from Irwin Mitchell advised Motus Aftermarket Parts on the deal.
Callow said: “Both organisations benefit from strong, dedicated, and experienced management teams which share the same values. This deal marks a significant step forward for MAP as it looks to explore efficiencies throughout the supply chain, create additional sourcing opportunities, and ultimately expand and grow its international footprint.”
Following the deal, the Board of FAI will be continue to be led by Jonathan Alexander (CEO), with Peter Guinn (CFO) and Tracy Payne (special projects director) being joined by Malcolm Perrie (CEO of MAP) and other directors of Motus. Alexander will also join the MAP executive committee.
He said: “The acquisition of FAI by Motus will bring us many synergies, with scope to expand our supply chains and product ranges, as well as the opportunities to enter new markets. Both existing and new customers will benefit from our core aims of best availability, best service, best quality and best price. Our business ethos is so closely aligned with Motus’s that the change of ownership will be seamless, but the benefits will be felt by all.”
Perrie said: “I would like to take this opportunity to welcome the FAI family into the Motus family and look forward to exploring all the great initiatives that we have collectively started.”