PE Tech Report


Like this article?

Sign up to our free newsletter

Phoenix invests in automotive parts distributor

Andrew Page, a distributor of automotive parts to UK garages, servicing centres and retailers, has received an investment from private equity firm Phoenix Equity Partners which values the business at around GBP100m. 

Andrew Page is the UK’s largest regional wholesaler of automotive parts, which it distributes to customers across the Midlands and Northern England. 

The company was formed in 1946 with two founding partners. In 1979, Jim Page and Andrew Page borrowed the money to purchase the other 50 per cent ownership bringing it all under the one family. The company now has 46 regional sites and employs approximately 1,100 staff. 
The transaction has been undertaken by Andrew Page’s existing management team, led by managing director Mark Roberts and finance director Mark Day. 

Andrew Page will continue to be closely involved with the business and will be chairman of the trading company following the transaction.
This is the 12th investment from Phoenix’s GBP375m fund, which was raised in April 2006. Andrew Page is Phoenix’s second recent automotive sector transaction, having sold Nationwide Autocentres, a chain of over 220 car service centres, earlier this year to Halfords Group.
Phoenix’s investment, together with facilities provided by HSBC, RBS and Lloyds TSB, will support the management team in continuing to develop and grow the business. 
Roberts says: “The management team is greatly looking forward to partnering with Phoenix and continuing to work with Andrew to shape a successful future for the company and for our employees. The senior management team and our loyal staff have developed Andrew Page into the UK’s most successful regional motor factor. We now anticipate building on this success and continuing our growth strategy with a supportive and enthusiastic funding partner alongside us.”
John Rastrick, a partner at Phoenix, adds: “We are delighted to be backing an experienced and ambitious management team, led by Mark Roberts. Andrew Page Limited has an outstanding reputation built over many years on the strength of its customer service. Andrew, Mark and the team have done a fantastic job in building a truly impressive group, operating at the forefront of its industry and we look forward to working with them in the years to come. We see substantial further growth potential for the business and are committed to supporting the Company to achieve this.”
New bank funding was provided by HSBC (Tom Green), RBS (Andy Killingback) and Lloyds TSB (Rob Lawrence and Simon Dixon) arranged and structured by Stuart Warriner of PricewaterhouseCoopers.

Like this article? Sign up to our free newsletter