South Africa-based conglomerate has acquired UK aftermarket component company FAI Automotive PLC for £ 27m.
Motus Aftermarket Parts owns many businesses in its native continent, invests in businesses in the Far East, and owns several franchise dealers in the United Kingdom. However, FAI is the first aftermarket acquisition in the UK to date.
Originally founded by the Walker family in the 1960s, FAI has expanded to generate £ 35m in sales in the United Kingdom, Europe and beyond. Under the leadership of Sean Walker and Karen Walker, FAI’s product range has expanded to over 30,000 part numbers across 37 product lines.
In 2020, Jonathan Alexander became CEO and Sean Walker became chairman.
Listed on the Johannesburg Stock Exchange, Motus operates in four sectors: import and distribution, retail and rental, automotive financial services, and aftermarket parts. It owns brands such as Beekman, Battery Hub, Autocycle Centre, Alert Engine Parts and Suburban Motor Spares.
After the acquisition, FAI’s board of directors will be led by Jonathan Alexander as CEO, Peter Gin as CFO, Tracy Payne as System & Procedure Director, and Malcolm Perry and Karel Declark of Motors.
Jonathan Alexander will also join the MAP Executive Committee.
Jonathan Alexander said:
“We look forward to welcoming the FAI family to the Motors family and exploring all the great initiatives we have collectively launched,” said Malcolm Perry.
FAI AUTOMOTIVE Acquired for £ 27m – CAT Magazine
Source link FAI AUTOMOTIVE Acquired for £ 27m – CAT Magazine