The Parts Alliance is a £365 million turnover business group whose customers range from independent garages to multi-branch workshops and fast-fit operations.

As part of the deal, HG Capital have acquired The Parts Alliance Ltd, along with its Central Facilities operations of offices in Solihull and central warehouse in Smethwick, both in the Birmingham area and from where it services its members.

The acquisition sees Peter Sephton becoming chief executive and pledging 'to build an industry leading board of industry experts' to drive the enhanced business forward with quick decision-making and ‘best in class’ systems and practices.

Peter Sephton retains his role as Group CEO of the HgCapital-owned Parts Alliance members which trade under local brand names and are organised into The Western Alliance and The Eastern Alliance.

The other member companies (BBC Superfactors, BMS Superfactors, Car Parts & Accessories, Dingbro, Mill Autoquip, Motex and Qualvecom) become associate members. They continue to trade as independent businesses and were not part of the acquisition, though remain fully involved in The Parts Alliance activities with representation on the board.  At the same time Central Auto Supplies will leave the group and has been granted a six-month notice period.

Early objectives will include the adoption of a more integrated commercial function, allowing greater clarity and visibility of the business and a customer and service-centric approach, with closer relationships with clients and sharper management of the supplier base. There is also the opportunity for new member distributors.

Commenting on the deal, Peter Sephton said: 'It is important to underline that although we fully intend to enhance and revitalise elements of the operation, The Parts Alliance will very much remain a consultative business group at its heart, operating with joined-up commercial thinking.

'This deal is a game-changer not just for The Parts Alliance but for the aftermarket. There is much change and uncertainty in the marketplace. But here we have an organisation that is powered for growth with HgCapital behind it, expert investors with a two billion pounds fund and a heritage of seeking out and backing industry champions.'

The Parts Alliance chairman and founder, Steve Fulford, who was central to negotiations as they evolved over the past year, is stepping down but will continue to advise the board.

 He said: 'This further investment by HgCapital is more positive news for The Parts Alliance.  As the largest unified national player in the aftermarket, this deal will not only help build on the group’s achievements of the past 14 years but, through developing a best in class commercial structure and an invigorated team, it heralds good news for all involved.'