Rapidly expanding ASX-listed automotive conglomerate, AMA Group, has acquired New Zealand’s Fully Equipped Group, to complement its existing automotive component accessory division. The company said that it expects its new acquisition to be earnings per share accretive by FY20.
Fully Equipped is based in Hamilton in NZ and has distribution centres in Auckland and Wellington, covering both the north and south islands. Fully Equipped is a significant player in the off-road and utility spare parts and accessories markets in New Zealand. Its product lines include ute canopies, deck liners, bull bars, roof racks, winches and other related items.
AMA said the purchase of Fully Equipped was complementary to its existing stable of companies that includes the recently acquired ACM Parts group. AMA acquired ACM late last year in a deal with insurance giant and previous ACM owner, Suncorp.
The company said that the Fully Equipped Group will continue to operate as Fully Equipped in New Zealand and that its management will report to Campbell Jones, the CEO of ACM and AMA’s ACAD automotive business.
CEO of the AMA Group, Andy Hopkins said; “The acquisition of Fully Equipped enables AMA to extend its footprint in the New Zealand market. The Fully Equipped business is a great fit for the AMA Group and provides exciting opportunities to grow our manufacturing capability and export sales into Australia with new product offerings.”
“This acquisition, together with further potential acquisitions currently in our pipeline, places the Group in a good position to deliver on our growth and earnings strategy in FY20 and beyond.”
AMA achieved automotive industry heavyweight status last year with the acquisition of Suncorp’s automotive parts and panel businesses.
It is now on a clear growth trajectory and with an ever-strengthening balance sheet, it is looking more and more like it can still handle a number of acquisitions yet – and the year is just getting started.
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