An auto parts distributor based in Yorkshire has been sold to the owner of Euro Car Parts.
Leeds-based Andrew Page, a distributor of auto parts, workshop equipment, tools and diagnostics, has been acquired by US-based LKQ Corporation.
Andrew Page was founded in 1917 and today it has 109 sites. The company primarily supplies independent garages.
Jim Sumner, chairman of Andrew Page, said: “The strategic acquisition by LKQ recognises that Andrew Page is a strong business with a historic brand.
“We are pleased at the completion of the sale, which brings the business and its employees into a global group with more than $8bn in sales.”
Andrew Page employs 2,000 full-time and part-time staff. The firm has sales of £192m in the financial year ending September 2015.
Mr Sumner added: “The investment also highlights the continuing attractiveness of British businesses for foreign buyers.”
LKQ is a S&P500 company listed on Nasdaq. The firm is a major motor parts distributor in the US and owns Euro Car Parts in the UK.
Mr Sumner, who will stand down once the deal has been completed, said he wished the new owners the best for the future.
LKQ will buy all of the assets and operations of Andrew Page, except for seven of the company’s 109 branches.
Mark Saunders, chief executive of Andrew Page, said: “This is a great deal for Andrew Page and its employees and puts us in a strong position for the future.
“We are looking forward to working with LKQ at an exciting time for the motor parts sector, which is undergoing consolidation throughout Europe.”
Martin Gray, CEO of Euro Car Parts UK, said he was “thrilled” that Mr Saunders would continue with the business and that they were committed to retaining “all team members”.
Mr Gray said: “I am delighted to confirm that the future of the Andrew Page business has been secured, which celebrates its UK centenary next year.
“We remain committed to assuring that the iconic Andrew Page brand continues to thrive and will remain separate from Euro Car Parts, but will benefit from our UK infrastructure, inventory and the financial support from the LKQ Corporation.”
Law firm Addleshaw Goddard advised Andrew Page on the deal.