Tanarra Capital has increased its stake in automotive parts group Bapcor, investing $26 million in shares after a profit warning triggered a stock slump on Thursday. According to a filing with the Australian Securities Exchange (ASX) on Friday, Tanarra Capital now holds 9.25 per cent of Bapcor, up from its previous holding of 6.45 per cent. Bapcor is an automotive parts group and owner of brands like Autobarn.
Bapcor is a major player in the automotive aftermarket, providing parts, accessories, and services across Australia, New Zealand, and Asia. The company operates a network of retail stores, trade workshops, and specialist wholesale businesses. Tanarra’s increased investment signals confidence in Bapcor’s long-term potential, despite the recent profit warning that negatively impacted share prices.
On Friday, Bapcor shares experienced a slight recovery, rallying 1.6 per cent to reach $3.72. The increased investment from Tanarra Capital may have contributed to the upward movement, indicating a degree of market confidence despite recent concerns about the company’s financial outlook. Investors will be watching closely to see how Bapcor addresses the challenges that led to the profit warning and whether it can regain its previous financial performance.
