West Yorkshire-based motor and engine parts supplier ImexPart has been sold to a South African industrial consumables group in a deal overseen by KBS Corporate.
ImexPart, located in Castleford, is an independent truck, bus and engine parts specialist which has served the automotive industry since 1986, employing over 70 staff working from purpose-built depots in northern England and the Midlands.
KBS Corporate was instructed to facilitate a sale of the company and, under the guidance of Joe Norris, associate corporate director, the successful acquirer was Invicta Holdings Limited.
Based in Johannesburg, Invicta listed on the JSE in 1989 and the Group has expanded over the subsequent decades with acquisitions of companies not only in South Africa but also Asia and Europe. It controls and manages assets of over 10 billion rand (£421 million) and employs over 4,500 people worldwide.
“This was my first dealing with Invicta, but their record of growth and profitability across several sectors speaks for itself,” said Joe Norris.
“They are also a publicly listed company which means they are extremely transparent, so both ImexPart and myself could get a good idea of the company ahead of our initial discussions.
“They plan to partner ImexPart with their existing automotive parts businesses across South Africa and Europe to create a stronger presence in the UK market.”
Joe Norris also described the appeal of ImexPart to the acquirer, with the company, which trades under the name of Imex Automotive Parts Solutions, supplying over 15,000 customers with replacement truck parts and enjoying continued growth with hundreds of calls each day received at its main office and warehouse.
“ImexPart stood out from the rest of the market due to its level of profitability and healthy growth projections, along with strong client relationships resulting in a high level of repeat business,” explained Joe.
“The shareholders were looking to start the process of stepping back from the business, while also making sure the company was in the right hands to take it forward into the future and achieve its full potential.”
In announcing the acquisition to the Johannesburg Stock Exchange, Invicta said their “strategic focus is to diversify into new geographical areas, in the industries and markets in which Invicta has significant experience and strong management capabilities.”
The statement added: “Imex is operating successfully in the British and Irish aftermarket parts distribution industry and its acquisition provides a platform for Invicta to grow its global RPA (Robotic Process Automation) business.
“We aim to realise synergies through Invicta’s procurement capabilities, sourcing inventory for Imex’s clients on a more cost-effective basis and providing access to a broader range of products.
“In addition, Imex has product ranges which can be cross pollenated into Invicta’s existing operations.”
Legal services for ImexPart were provided by Schofield Sweeney.
