I'm a big fan of AutoZone and O'Reilly's business model, however they are both quite mature companies. Luckily there's a Polish company with a similar business model, but growing at a 25% rate. The name? Auto Partner APR

Auto Partner is an auto part distributor based in Poland.. The company offers suspension and steering systems, brake systems, an assortment of motorcycles, workshop equipment, timing gears and cooling and air conditioning systems, among others.

The following image shows the logistics process.

🡲 They have suppliers of different premium brands, including their own brand MaXgear. The offer includes more than 250,000 products.

🡲 The customer contacts Auto Partner, mainly online (about 62% of orders are in this format) and places his order.

🡲 Once the order is placed, Auto Partner has a well-developed infrastructure, both in the form of warehouses and branches, as well as transportation, which allows auto parts storage services to be outsourced while allowing speedy deliveries directly to customers.

This market is usually quite anti-crisis, since generally when there is a recession or there is greater uncertainty in the income of families, it is preferred to repair the used car that is already available than to buy a new car. But even when the economy is doing well, spare parts are still necessary, so we are facing a totally defensive sector.

Clearly, this is a fairly mature sector, so a large global market growth is not expected, barely 3% annualized by 2025. However, in the case of Poland, the expected growth is more than 7%, being a fairly fragmented where there are many small competitors that do not have a large market share.

The founder, and chairman of the board of directors, has been in the company for more than 15 years and has more than 22% of the shares of Auto Partner, which represent close to $100M dollars.

Katarzyna Gorecka, a member of the supervisory board, is the majority shareholder and owns almost 27% of the company's shares. More than $119M dollars in shares.

Here's the link to my full analysis, but spoiler alert: I bought some shares today and now represents around 10% of my portfolio