Vertu Motors PLC are pleased to announce the purchase of online parts retailer Who’s Ace Holdings LTD (AceParts) for £2.2 million, in a deal advised by our automotive partner, Paul Daly, who represented Vertu.
The deal will accelerate Vertu’s expansion in to the franchised parts business and will provide synergies with its existing operations in this area. All of AceParts’ 21 staff, along with founders Alan Friedman and Ben Friedman, will join Vertu’s group.
For the year ended 31 March 2015, AceParts reported revenue of £4.8m, a gross margin of 19 per cent and EBITDA of £0.6m. The Vertu board expects the acquisition to be earnings enhancing in its first full year of ownership.
“It was great to be involved with the financial due diligence on this deal for Vertu,” said Daly, “They are a fantastic business and I have no doubt that the acquisition will add a huge opportunity in online parts retailing going forward.”
This deal marks a double success this week for the UHY Hacker Young Automotive team, who also managed the acquisition of Wokingham Motors by Eden Motor Group Limited, representing Wokingham Motors Limited.
David Kendrick, who represented Wokingham Motors in the Eden Group deal, said “We are in a market that hasn’t been busier for transactional activity that is for sure.”
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