Dealer group Vertu has completed the multi-million-pound acquisition of Wiper Blades Limited, it has been confirmed.
The digital retailer operates several websites which allow it to specialise in the online sale of car wiper blades and other associated products.
Vertu says the takeover is in line with its strategy to ‘develop ancillary businesses to add revenue and profit streams that complement the core business’.
It shelled out £3.5m for the share capital of the company, including £1.1m of cash, subject to finalising the completion accounts.
The deal also includes a goodwill payment to the tune of £2.4m.
For the year ended 31 August 2021, the business achieved revenues of £2.2m and an unaudited profit before tax of £0.5m.
Wiper Blades Limited joins the Powerbulbs.com business that Vertu bought in June last year in becoming a subsidiary of the dealer group.
The Robert Forrester-led outfit also acquired the successful Aceparts e-commerce business in 2015.
The latest acquisition is expected to be earnings enhancing in the current year.
Robert Forrester, CEO of Vertu Motors said: ‘Our e-commerce parts business is performing strongly and the addition of Wiper Blades will be accretive both financially and strategically to that part of the group.
‘The acquisition is in line with our strategy to develop ancillary businesses which complement the core business and enrich our digital capabilities to continue to provide technology leading edge service to our customers.’
Pictured: Robert Forrester, CEO of Vertu Motors