Automotive Alliance has conditionally agreed to buy the parts business of the UK Lookers Group for £120 million. The deal which is subject to shareholder and EU merger approval, includes the current Lookers parts distribution brands BTN Turbo, FPS and Apec Braking.
Alliance Automotive is part of the Alliance Automotive Group, a major European distributor to the independent aftermarket. Neil Davis the MD of the Lookers parts division will remain with company under the planned Alliance Automotive ownership.
In 2015 the parts division generated a revenue of some £219m. However, Lookers did not see it as part of their core longer term business model with Chief Executive Andy Bruce saying the sale would allow the dealer group to focus on car sales and dealer outlet acquisitions.
Subject to approval the deal is expected to be completed at the end of October.