The Independent councillor said: “It is deeply concerning, especially right on top of Christmas for all the employees affected.
“It’s a shock that this has happened and people deserve a full and transparent disclosure from the private equity owners and also those who sold the company in the first place.”
In July, Aurelius said it would acquire Exertis UK, based in Burnley, and its Ireland division, based in Dublin.
It said the technology distributor contributed about £2bn in revenue to its previous owner DCC plc in the previous year.
In a statement announcing the deal, the private equity firm said: “Aurelius sees significant earnings growth potential for the business… enhanced by a recovery in market demand.”