Waterloo Motor Factors has been acquired by private equity-backed business group The Parts Alliance. The East-Riding based business has branches in Hull, Beverley and Bridlington and was founded in 1928 by James Henry Munday.
It becomes a wholly-owned business within the HgCapital-owned Parts Alliance Group but will continue to trade under its own name. David Brooks, founder of SAS Autoparts will take over day-to-day running of the firm.
Current MD Jim Munday said: “As a three-generation family business, building long term relationships and providing quality local service are in our DNA. We look forward to working with (PA CEO) Peter Sephton and the rest of the management team to accelerate our growth in what are very exciting times for our trade.”
Peter Sephton said: “I’m delighted Jim Munday has agreed to work with us to facilitate the integration into The Parts Alliance and the transition of leadership to David Brooks, founder of SAS Autoparts, as we seek to extend our branch footprint and optimise our distribution and reach into the region”.
“Jim will continue to advise us on development projects and we are delighted to have Jim and his colleagues at Waterloo as part of our Group.”
The factor was previously a member of the IFA buying group. The change of ownership will see a number of different brands filling the stockroom.