Kinda like Bapcor in that they provide after-market parts, but with a focus on commercial vehicle fleets (trucks, buses etc)

Operating largely through the Multispares Brand, the company has nearly tripled per share earnings in the last 5 years

It has paid a consistent and rising dividend, with a giant special dividend in 2015. Actually, it’s paid $1.74 in dividends since 2013. So if you bought shares back then your entire cost base has been covered. (could have bought at $1.50)

Of course your shares have gone up more then 5x since then too.

Sales up 18% in the last year, and has proven to be a very resliant business (they are critical to road transport supply chains)

The increasing diversity of the national commercial vehicle fleet, and long and complex supply chains, while challenging actually provides a competitive advantage to those with scale and strong inventory management, as SNL do.

They have recently invested into even more into capacity recently, and will soon have distribution centres able to accommodate $250m in annual turnover (compared to $150m at present). 

The company previously beat its latest 3 year plan, and for the next target they have set $200m in sales by FY24, which seems conservative from the current $163m.

Management and directors currently hold 10% or so of the business, but around 30% is held by the Forsyth family (i think it's the brothert of the current chairman).

One to keep on the watchlist. 

Operating under the Multispares brand, the company sells aftermarket truck and bus parts in Australia and New Zealand. The real value proposition is the related services Supply Network provides: everything from parts interpreting, supply management, procurement and problem solving.

The company targets the premium end of the market, where customers value reliability, quality and expertise over price. That focus has helped it develop strong and enduring relationships, with the business having a well-earned reputation for excellence.

Importantly, the business has a strong track record of growth and solid shareholder returns.

Very similar to Bapcor in many ways, including an aligned and shareholder focused management team. And one that has shown exceptional capital allocation decisions and long-term thinking.

This isnt a sexy tech stock likely to grow at high double digit rates -- but investors can expect upper single digit growth for the foreseeable future, and dependable dividends.

Purchased at the right price, it should deliver exceptional long-term returns. Indeed, average shareholder returns can be seen below: