Premier Components sold to AutoCirc AB
BCMS has advised Premier European Group Ltd (Premier Components), a leading core supplier serving the European automotive parts remanufacturing sector, on its sale to Sweden’s AutoCirc AB, a circular economy company in the European automotive aftermarket. This transaction, which completed on March 31 2021, represents AutoCirc’s first-ever investment in a UK business, and its thirteenth acquisition in the past 12 months.
Established in 1992, and headquartered in Stratford-upon-Avon, Warwickshire, Premier Components specialises in buying, sorting, cataloguing and stocking vehicle used parts. A leading global specialist in core – the sourcing of vehicle components employed in parts remanufacturing – Premier Components works with an international supplier and customer base. It is a full-line core broker for products designed for use in passenger cars and light and heavy commercial vehicles.
“The team at BCMS have been with us every step of our sale journey. Their deal-making expertise and commitment has ensured a great outcome and secured an exciting future” – Mark Garrison, Premier Components
Over its trading history, Premier Components has developed a unique understanding of the international automotive core marketplace. In addition to its main UK site, the company has purchase and consolidation facilities in Poland. Premier Components demonstrates particularly strong export revenues, with circa 70% of the company’s sales to countries outside of the UK.
The acquirer, AutoCirc AB, is an automotive aftermarket company with a circular business model, focused on the reuse of auto parts. Founded in 2019 by Johan Livered and Mattias Pettersson and based near Gothenburg, AutoCirc is a dynamic group of companies, growing swiftly through strategic acquisition. The group has now acquired 13 companies in last 12 months.
Deal insights and rationale
Johan Livered, CEO at AutoCirc, explained the company’s model and its focus on sustainability in the automotive sector: “The concept behind AutoCirc is to contribute to the circular economy by reusing auto parts. Through the acquisition of well-built and managed companies, we are on a mission to reuse more and more parts in the future. In doing so, we will be a better partner both for our customers and our planet.
“Premier Components is a perfect match for us and our strategy as we move forward, and this is only the beginning of our journey in the UK, as well as Europe. Our ambition is to continue to develop Premier Components together with Mark Garrison and his team, to become an even stronger company in the future.”
Mark Garrison, Chairman, Premier Components, added: “Premier Components’ ambition has been and will continue to be the recognised core company that made a real difference to the European remanufacturing industry. Over the years, we as a team have endeavoured to continually improve and adapt our approach to remain a leading force in an evolving marketplace. We believe that being part of a larger group and organisation in AutoCirc will not only cement our status as one of the leading core brokers in Europe, but also give us a unique competitive edge. This transaction allows us to enhance our prominence and market positioning, blend our expertise and experience and bring synergies that would otherwise not exist.”
Discussing BCMS’ role in the transaction, Mark Garrison said: “The team at BCMS have been with us every step of our sale journey. Their deal-making expertise and commitment ensured a great outcome for us as sellers and secured an exciting future for Premier as an AutoCirc company. The sale was delivered during the Covid pandemic and BCMS’ professionalism was key in keeping the transaction on track for a successful completion.”