M a r k e t N e w s
Hudaco strengthens auto businesses with Partquip acquisition
Posted on : Saturday, 6th September 2014
Industrial products importer JSE-listed Hudaco has inked a deal to acquire automotive components distributor Partquip for R550-million, complementing the group’s existing automotive after-market businesses, which distribute clutches, seals and automotive bearings.
“Partquip is an ideal fit for Hudaco in that its main business is the distribution of branded products, an area of core competency for Hudaco,” the group said in a statement on Friday.
Funded from existing and new facilities, the deal would see Partquip’s current FD Carl Rogers, who also had broad general management responsibilities, appointed MD.
The transaction remained subject to approval by the competition authorities, due diligence, service and restraint of trade agreements with Rogers, and the signing of a lease for the property from which Partquip currently operated.
Source : www.engineeringnews.co.za
