Autoparts company makes third acquisition
UNIVERSAL components – a specialist manufacturer of automotive parts – has announced it has made its third, and largest, acquisition in three years.
Sheffield-based Universal Components has acquired Pollard Beaumont – a successful and profitable commercial vehicle parts wholesale distributor which has operations in Sheffield, Haslingden and Trafford Park.
The acquisition is set to increase Universal Component’s annual turn over from £13.5m to £18.7m.
It will also add new products to the range and extends the company’s geographical spread.
One of the founders of Pollard Beaumont, Peter Beaumont, and all Pollard Beaumont staff will continue to work for the company.
The other founder, John Pollard, will continue as a consultant to the group.
Universal Components chief executive Gary Hadley, says that the company is planning further growth and has its sights set on further acquisitions.
He said: “The acquisition of Pollard Beaumont brings real advantages to us and our customers in terms of increasing the range, availability and depth of our products. We are still on the acquisition trail and are looking at a number of other companies that will offer us strategic advantages as well as growth. We are on target to achieve the milestones that we have set for the business over the next five years and aim to grow turnover to £25 million plus within this period.”
Chris Schofield, of Schofield Sweeney Solicitors, advised Universal Components UK Ltd and Jonathan Asquez, of Gordons LLP, advised the shareholders of Pollard Beaumont Ltd.
Gary Hadley joined Universal Components – which at the time was trading as Multipart Universal – in June 2004 as an interim finance director.
In 2005 the company was a failing subsidiary of the RAC. Mr Hadley made the decision to buy the company and turn it round.
Chris Schofield, chairman of law firm Schofield Sweeney, which advised Universal Components, said: “As a corporate finance lawyer, I get to see the operation and strategy of numerous businesses and this turnaround has been one of the most dramatic and personally satisfying that I’ve witnessed. Gary Hadley and David Kernahan have a very clear vision of where they want to take this business and the skills, motivation and work ethic to make it happen.”
