Andrew Page sells to private equity firm

Andrew Page has sold the majority stake in his family firm to Phoenix Equity Partners in a deal that values the company at £100m.

The announcement confirms rumours of a buyout sparked by the north-eastern factor chain’s rapid expansion in recent months.

In 2009, new branches were opened in, Derby, Nottingham, Peterborough and Coventry.

And in March, the company confirmed that its 46th depot would open in Leicester on April 6, 2010.

This will be followed by a new operation in Kings Lynn.

The company was formed in 1946 and has been in full Page family ownership since 1979.

It now operates 46 sites and employs 1100 people.

The transaction was led by Andrew Page’s existing MD, Mark Roberts, alongside finance director Mark Day.

Page himself will continue to be involved as chairman of the trading company.

This is the 12th investment from Phoenix’s £375 million fund, which was raised in April 2006.

AP is Phoenix’s second recent automotive sector transaction. It sold Nationwide Autocentres to Halfords in February.

Andrew Page said the deal would allow the company to achieve further growth.

John Rastrick, a partner at Phoenix, added: “We see substantial further growth potential for the business and are committed to supporting the Company to achieve this.”

New bank funding for the deal was provided by HSBC, RBS and Lloyds TSB.

Published by emmabutcher

Emma has been CAT's editor since January 2008. There isn't much she doesn't know about the aftermarket - and her favourite topic is definitely BER!

A1 MOTORIST CENTRE WINS SERVICESURE AWARD

Thanet garage wins the top trophy from national factor chain

Read More

COTSWOLD MOTAQUIP ACQUIRED BY AAG

Single-branch motor factor was an existing UAN member

Read More

SYNETIQ SOLD FOR £225m

US-based Insurance Automotive Auctions expands UK presence with auctioneer and dismantler

Read More

ECP TO DISH OUT £400 BATTERY TESTERS

Garages will need to hit battery sales targets if they want to keep the devices

Read More

FAI AUTOMOTIVE ACQUIRED FOR £27M

South Africa-based Motus Aftermarket Parts adds to its portfolio, Jonathan Alexander to remain CEO

Read More

Go to comments

Your email address will not be published. Required fields are marked *