Andrew Page valued at £100m in private equity deal

YORKSHIRE-BASED vehicle parts distributor Andrew Page has been bought by a private equity firm in a deal that values it at around £100m.

The move, which completed in the early hours of Tuesday, will see Phoenix Equity Partners take a majority stake in  the family-run Leeds-based firm, which was founded 93 years ago when Andrew Page opened a motor parts business in Leeds.

Chairman Andrew Page, 57, grandson of the founder, will remain a shareholder following the deal while the management team, led by Mark Roberts, the managing director and finance director Mark Day will take a stake in the company.

The company distributes vehicle parts through a delivery service from 46 distribution centres across the North of England and the Midlands and has 1,100 employees.

Customers number independent garages, servicing centres and retailers and the business is expected to see turnover increase by 15% to £110m this year.

HSBC, Royal Bank of Scotland and Lloyds provided banking facilities for the management team while the advisers to the management team included PricewaterhouseCoopers, Addleshaw Goddard and KPMG.

Phoenix was advised by Hammonds.