The aim of the investment is to grow the Allparts chain and strengthen its position in the market.
Steve Fulford will continue to support the Allparts management team including Managing Director Mark Darvill, and will retain his position as Chairman of the Parts Alliance.
â€œAllparts has always strived to be at the forefront of industry change,â€ said Darvill â€œHgCapitalâ€™s investment allows us to build upon the success the Allparts team has helped to create over the years and continue to expand our distribution network.â€
CES also received a significant investment earlier this year from HgCapital, again geared towards growing its network. Managing Director Steve McCann said: â€œWhen we announced the CES plans for expansion, we did so knowing that the shape of our future would be very different to what the market place anticipates. We look forward to working with Allparts as this will generate great benefits for our customers and our people.â€
Both businesses have reaffirmed their commitments to the Parts Alliance, saying they would like to grow the groupâ€™s coverage in the coming months. Such expansion is already happening for the group with news that Motex has joined the Parts Alliance earlier this month.
Steve Fulford says he is â€œdelightedâ€ with the announcement: â€œ[Allparts] remains a key member in the Parts Alliance and this latest investment reinforces the groupâ€™s intentions. It’s just another part of the plan.
“We will be seriously growing, we’re going to grow by members acquiring other businesses and taking on new members. We’re looking at the whole country.
“It’s good for the company, it’s good for the staff and it’s good for the group. Perfect.”