Farm machinery giant Agco, which owns the MF, Valtra, Fendt and Challenger brands, has bought Sparex Holdings and its trading subsidiaries from Rubicon Partners Industries LLP for £53m.

Sparex is a well-known independent, global distributor of accessories and tractor replacement parts serving the agricultural aftermarket. Based in Exeter, it has operations in 17 countries and exports to over 75 countries.

“Sparex is an excellent fit with Agco and will allow us to extend our reach in the agricultural aftermarket and provide our customers with an even wider range of products and services,” says Martin Richenhagen, AGCO’s chairman, president and chief executive officer. “Sparex will continue to trade as an independent business and market their products through existing channels.”

This is not the first time that a big tractor company has bought a UK spares firm. John Deere bought Vapormatic, also based near Exeter, in 2001.