AAG is backed by global private equity business Backstone and has a substaintial business in France, as well as operations in the UK.
Lookers had intended to grow the parts business in line with the growth of its Motor Division but had found it difficult to identify suitable acquisition opportunities.
By joining forces with AAG, the Parts Division will now be part of a large European parts distribution business, which will allow it to grow at a faster rate and secure its position in the supply chain to the benefit of its customers, suppliers and colleagues.
Lookers chief executive Andy Bruce said: “This transaction will significantly strengthen our ability to accelerate the growth in our core car dealership business whilst opening new opportunities to our colleagues and I look forward to sharing the benefits of this with my colleagues across Lookers in the future.
“In fact we are already at an advanced stage of negotiation to acquire two dealership groups who represent premium brands and we anticipate making announcements on these in the coming weeks.
“I would like to take this opportunity to thank all of our colleagues in the Parts Division for their hard work over the years. Since acquiring FPS in 2004, and subsequently Apec and BTN, the business has made an invaluable contribution to our company.”
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