PRIVATE EQUITY AND VENTURE CAPITAL
Foot Anstey's dedicated cross departmental private equity team advised new client Genghis Midco, an HgCapital backed company, on its acquisition of The Parts Alliance.
The Parts Alliance is an industry leader in the automotive buying and distribution groups in the UK and Ireland. Consisting of strategically located distributor companies, it specialises in the national and local supply of manufacturer branded products and support services with an annual group turnover of more than £365 million. The Parts Alliance customers range from independent garages to multi branch workshops and fast-fits, and they are served by a fleet of over 1,600 vehicles and 3,300 staff across the membership.
The acquisition of The Parts Alliance is first transaction that Foot Anstey have completed for Genghis Midco or any other HgCapital backed company.
At the same time Foot Anstey's Commercial Group advised on new shared services arrangements between the PA members designed to achieve a best in class commercial structure with a consultative business group at its heart, operating with joined-up commercial thinking.
Matt Stoate, head of Foot Anstey's private equity group, led the team which advised on the transaction. Matt commented, "This is a significant new relationship for Foot Anstey for a client accustomed to instructing lead City and international firms. We were delighted to be involved with this key strategic acquisition and to demonstrate our private equity expertise in the style and manner which the client demanded."