Epiris announces the acquisition of GSF
Epiris today announces that Epiris Fund III, advised by Epiris LLP, has acquired GSF Car Parts (“GSF”), a leading UK supplier of aftermarket automotive parts. This is the fourth investment for Fund III following Delinian, LoneStar and most recently Pure Cremation which Epiris agreed to buy in July. Financial terms are not being disclosed.
GSF is a leading national distributor of automotive parts for the independent aftermarket in the UK. The business offers 180,000 branded and own-label parts for all makes of petrol, diesel and electric cars and vans as well as workshop equipment and technical support. GSF’s customers include multi-site national chains such as Kwik Fit, Halfords and Green Flag, as well as some 40,000 independent garages and retail customers. With well-located national and regional distribution centres supporting 180 branches across the UK, GSF supplies a comprehensive product range sourced from around 700 global suppliers.
The acquisition of GSF by Epiris follows LKQ Corporation’s undertaking to sell the business given to the UK’s Competition and Markets Authority in connection with its acquisition of Uni-Select Inc.
Chris Hanna, Partner at Epiris, said:
“GSF serves a large and resilient market: in the UK there are more than 25 million cars that are over three years old, and all need to be maintained to the standards set by the MOT test. GSF has an established position supplying the myriad products required to maintain these vehicles, with an offering built on customer service, product range and availability. We look forward to building on the strong platform that the GSF team have created.”
Alex Fortescue, Managing Partner at Epiris, said:
“This is another classic Epiris deal: a corporate carve-out of a business with a strong position in an attractive, growth market. We see the opportunity to grow the business significantly with an acceleration of existing plans coupled with the fresh perspective we are able to bring.”
The Epiris team on the GSF investment is Chris Hanna, Bill Priestley, Zoe Lai and Grace Knight. Epiris is advised by Macfarlanes, DC Advisory, PwC, Endava, JLL and Arthur J. Gallagher. Debt financing is provided by Atlantic Park.
For Epiris LLP please contact:
Greenbrook Advisory
Peter Hewer, Daniel Oliver
+44 (0)20 7952 2000
About Epiris
Epiris is a top-decile* private equity firm which invests in opportunities to transform businesses in partnership with exceptional management teams. It targets control positions in UK-headquartered businesses with an enterprise value of between £75 million and £500 million, deploying between £40 million and £150 million of equity.
Epiris’ current investments include LoneStar, a supplier of high-performance fasteners to the world’s energy markets; Delinian, a global B2B information services business; Sepura, a leading global provider of digital radio systems for mission-critical applications; Inchcape Shipping Services, one of the world’s largest maritime services providers; Appello, a leading technology-enabled care provider; Stuart Turner, a producer of pumps and water-boosting products for residential and commercial uses; Sharps, the UK’s leading supplier of bespoke fitted bedroom furniture; The Big Table, a leading UK restaurant operator; Nucleus, an investment platform; Diamorph, a supplier of advanced material solutions for demanding and safety-critical applications; Bonhams, the global auction house; The Club Company, the UK’s largest country club operator; and Portals, one of the world’s leading manufacturers of document security features. In July, Epiris agreed to buy Pure Cremation, the leading provider of prepaid funeral plans in the UK.
For further information, please visit www.epiris.co.uk.
Issued by Epiris which is authorised and regulated by the Financial Conduct Authority.
*As at 30 June 2023. Comparator data supplied by Preqin. Past performance is no guarantee of future results.