A South Africa-based conglomerate has acquired UK aftermarket component firm FAI Automotive PLC for a reported £27m.
Motus Aftermarket Parts owns a number of businesses in its home continent and has invested in businesses in the Far East as well as owning some franchise dealerships in the UK. However, FAI is the first UK aftermarket acquisition to date.
Originally founded in the 1960s by the Walker family, FAI expanded, generating a turnover of £35million in the UK, Europe and beyond. Under Sean Walker and Karen Walker’s leadership, FAI’s product range grew to over 30,000 part numbers spread across 37 product lines.
In 2020, Jonathan Alexander became CEO with Sean Walker taking the role of Chairman.
Motus is listed on the Johannesburg Stock Exchange and operates businesses in four sectors, namely import and distribution, retail and rental, motor-related financial services and aftermarket parts. It owns brands including Beekman, Battery Hub, Autocycle Centre, Alert Engine Parts and Suburban Motor Spares.
Following the acquisition, the board of FAI will be led by Jonathan Alexander as CEO, with Peter Guinn as CFO and Tracy Payne as Systems & Procedures Director, being joined by Malcolm Perrie and Carel de Klerk of Motus.
Jonathan Alexander will also join the MAP Executive committee. He commented: “Our business ethos is so closely aligned with Motus’ that the change of ownership will be seamless, but the benefits will be felt by all.”
Malcolm Perrie added “I would like to take this opportunity to welcome the FAI family into the Motus family and look forward to exploring all the great initiatives that we have collectively started.”