Andrew Page Limited ("AP" or the "Company"), a leading distributor of automotive parts to UK garages, servicing centres and retailers, announces today the acquisition of Camberley Auto Factors Limited ("Camberley") for an undisclosed consideration.
Phoenix Equity Partners ("Phoenix"), a leading UK middle-market private equity firm and the majority shareholder in Andrew Page, has invested additional capital to fund the acquisition and to further accelerate AP’s growth.
Phoenix initially invested in Andrew Page in March 2010 in a transaction which valued the business at c.£100m. AP has grown strongly since Phoenix’s initial investment. In March 2010 the business operated from 45 regional sites and employed approximately 1,100 staff. Following the acquisition of Camberley, the combined business will operate from 90 sites and employ approximately 2,000 staff.
Camberley is a leading wholesaler of automotive parts operating across 26 sites in the south of England. Camberley was acquired by AP from the Russell family. This strategic acquisition is an excellent geographic fit with the AP portfolio, enabling AP to expand its footprint nationally, provide a broader range of services to its customers and achieve strong economies of scale.
The transaction has been undertaken by AP’s existing management team, led by CEO, Mark Roberts, and CFO, Mark Day.
The Company also announces today the appointment of a new Chairman, Duncan Wilkes, who will work alongside the executive team. Duncan is the former CEO of Nationwide Autocentres (now Halfords Autocentres), a chain of over 220 car service centres and a previous Phoenix investment, which was sold successfully to Halfords in February 2010.
Commenting on today’s announcement, Mark Roberts, CEO of Andrew Page, said:
"The senior management team at Andrew Page and our loyal staff look forward to working with the Camberley team to create one of the UK’s largest and most successful independent motor factors. We are also excited at drawing on the expertise of our new Chairman, Duncan Wilkes, as well as continuing to work with Phoenix."
Commenting on the transaction, John Rastrick, a Partner at Phoenix said:
"We see the potential for substantial future growth with Andrew Page, both organically and by acquisition and are committed to supporting the Company to achieve this. We also are very pleased with the appointment of Duncan who joins the board at an exciting time in its development; we are looking forward to working with Duncan again."
Commenting on his new appointment, Duncan Wilkes said:
"I am delighted to join the board of Andrew Page at a time when it is expanding rapidly and look forward to working with Mark and the team."
AP was advised by Stuart Warriner of PricewaterhouseCoopers and Yunus Seedat of Addleshaw Goddard. Commercial and financial due diligence on Camberley was undertaken by Phil Abram of KPMG.