Classic auto parts supplier expands with specialist acquisition
BIRMINGHAM-based specialist automotive parts supplier Leacy Classics has completed the acquisition of a fellow supplier in the city.
The acquisition of Min-it is part of a three-year expansion plan that will deliver £10m turnover and 20 new jobs to the business. The terms of the deal have not been disclosed.
Leacy, a market leader in the classic car parts industry, will use the purchase of Min-its to expand its range to over 50,000 parts, including an enhanced selection of 5,000 Mini spares and high performance engine components.
All jobs will be safeguarded as part of the deal, which will create a complete one-stop shop for enthusiasts and individuals looking to maintain or restore cars manufactured by MG, Triumph, Morris Minor, Jaguar and Land Rover.
“The acquisition of Min-its gives us the opportunity to expand the range of classic and high performance Mini parts to our retail and trade customer base,” said David Keene, CEO of Leacy Classics.
“It has a well established and loyal customer base and we hope to enhance the service and range of products available to them both online and at our dedicated distribution centre in Birmingham.”
He said there was a real resurgence of interest in the marketplace, with lower insurance rates than most modern cars and rapidly appreciating values, which was making classic vehicles the next big investment for many people.
“Leacy Classics is a well known brand within the industry and this recent acquisition allows the future of classic parts to be secured for the next generation of enthusiasts,” he added.
Established more than 35 years ago in a small unit in the West Midlands, Leacy Classics has grown into one of the UK’s premier sources for classic car parts.
Since being acquired by present owners in 2011, the business has doubled its turnover.
Many of the British sports car spares it stocks are manufactured exclusively for the company using original tooling it has purchased over the last 35 years, whilst its fully equipped workshop is used for general maintenance as well as full restorations.
“The acquisition of Min-its is part of a three year growth plan that will look at increasing turnover to £10m and potentially looking at increase our international business even further…currently 50% of our orders are overseas,” said Keene.
“We are not ruling out further purchases either. If there are natural synergies in place and it adds value to what we do then we’ll certainly look at completing other strategic deals.”
