Andrew Page

IndustryManufacturing & Retail & Consumer

AP operates as one of the UK's largest motor factors distributing quality vehicle components, workshop equipment, tools and diagnostics equipment.

LKQ Corporation (‘LKQ’), a NASDAQ listed entity which owns Euro Car Parts (‘ECP’), purchased AP from administration in October 2016. The Competition & Markets Authority (‘CMA’) reviewed the transaction and determined that the combined business of ECP and AP had monopolised certain local markets in the UK and a divestment order was issued. 

The order required that the group divested 9 depots from the ECP/AP portfolio. The group of 9 depots selected were all profitable at a group level.

BDO’s Special Situations M&A Team was engaged by LKQ to divest of a portfolio of AP depots following the CMA divestment order.

A sale of the divestment portfolio was executed with Hilco Capital who immediately undertook a rebranding exercise. This sale ensure the divestment order was fulfilled and the requirements of the CMA were delivered.