ABN AMRO Capital has sold automotive parts distributor FPS Distribution to Lookers for £31m. FPS was formerly part of the Finelist Group and was acquired by ABN AMRO Capital and management in a £13.2m buyout when Finelist went into receivership. The sale to Lookers follows three years of significant financial performance improvement and a substantial investment programme focused on improving customer service.
FPS was founded in 1934 and remained in family ownership until the 1980s when it was acquired by the Tomkins Group and then for a brief period was part of the Finelist Group.
The sale is ABN AMRO Capital’s second major exit in the UK this year and the seventh across Europe. Exits this year include Accantia (retail, food and consumer products) in the UK, MGE Ups Systems (industrial engineering) in France, Aliplast (industrial engineering) in Belgium, AFE (industrial engineering in France), Global Safety Group (support services) in the Netherlands), UNICA (support services) in Spain. The group also announced a partial exit from its De Dietrich investment with the sale of De Dietrich Thermique in France and a refinancing of Condor Group Limited in the UK.