South African group swoops for vehicle parts supplier
West Yorkshire-based motor and engine parts supplier ImexPart has been sold to a South African industrial consumables group.
ImexPart, located in Castleford, is a UK-leading independent truck, bus and engine parts specialist which has served the automotive industry since 1986, employing more than 70 staff .
It has been snapped up by Johannesburg-based Invicta. The company was listed on the JSE in 1989 and the group has expanded over the subsequent decades with acquisitions of companies not only in South Africa but also Asia and Europe. It controls and manages assets of more than £421m and employs over 4,500 people worldwide.
In announcing the acquisition to the Johannesburg Stock Exchange, Invicta said its “strategic focus is to diversify into new geographical areas, in the industries and markets in which Invicta has significant experience and strong management capabilities”.
The statement added: “Imex is operating successfully in the British and Irish aftermarket parts distribution industry and its acquisition provides a platform for Invicta to grow its global RPA (Robotic Process Automation) business.
KBS Corporate was instructed on the sale of the company which was overseen by Joe Norris, associate corporate director.
Norris said: “This was my first dealing with Invicta, but their record of growth and profitability across several sectors speaks for itself.
“They are also a publicly listed company which means they are extremely transparent, so both ImexPart and myself could get a good idea of the company ahead of our initial discussions.
“They plan to partner ImexPart with their existing automotive parts businesses across South Africa and Europe to create a stronger presence in the UK market.”
Legal services for ImexPart were provided by Schofield Sweeney.