Quinton Hazell sold to Klarius
Who?
Leicester-based Quinton Hazell automotive group.
Did what?
Was bought by Klarius, the automotive aftermarket manufacturing and distribution business.
What does this mean?
What does it mean? Synergy. "This acquisition is ideal for both companies as Quinton Hazell products are largely complementary to the existing Klarius range - with very little crossover," said Klarius chairman, Tony Wilson. "We have the opportunity to grow the business in two ways: by developing new channels for our wider product range globally; and by exploiting our existing channels to the full, by providing customers with a wider range of quality products from a single source."
Who advised?
Klarius Group was advised on the acquisition by the Manchester office of law firm Hill Dickinson. The company has also agreed a new funding structure with Burdale Financial, the asset finance arm of Bank of Ireland. It will replace the firm's existing funders, Landsbanki Commercial Finance. Manchester based Ford Campbell acted for Klarius on the deal.
Insider comment:
Quinton Hazell has manufacturing and distribution assets in France, Germany, Italy and Spain. The purchase brings a wide range of well-known automotive aftermarket and OEM brands together, combining extensive manufacturing resources from both companies with global sales and distribution networks, boosting the group's annual turnover to over £350m.
