BREAKING: Alliance Automotive Group acquires FPS, Apec and BTN

National motor retailer Lookers enters contract to sell its Parts Division

BREAKING: Alliance Automotive Group acquires FPS, Apec and BTN
Lookers Interim Financial results will be announced to the city on Tuesday 16 August.

Lookers has announced that it is to sell its Parts Division (FPS, Apec and BTN) to Alliance Automotive Group (AAG), which owns GROUPAUTO in the UK among others brands.

The agreement reached is an exchange of contracts and final completion, which is subject to shareholder approval and regulatory clearance, is expected at the end of October.

AAG has offered £120m for the Parts Division and Lookers consider this to fully reflect the value of the business.

By joining forces with AAG, the Parts Division will now be part of a large European parts distribution business, which will allow it to grow at a faster rate and secure its position in the supply chain to the benefit of its customers, suppliers and colleagues.

Lookers chief executive, Andy Bruce said: “This transaction will significantly strengthen our ability to accelerate the growth in our core car dealership business whilst opening new opportunities to our colleagues and I look forward to sharing the benefits of this with my colleagues across Lookers in the future.

“In fact we are already at an advanced stage of negotiation to acquire two dealership groups who represent premium brands and we anticipate making announcements on these in the coming weeks.”

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