Itochu officially completes Kwik Fit Group purchase
Itochu has just announced that it has officially completed the acquisition of the Kwik Fit Group for £637 million. While details of the purchase have been in the press and a popular part of market discussion for some time, up till now the deal had been subject to regulatory approval. However, with the issue of today’s statement Itochu can now say it has officially purchased the UK’s market leading automotive repair company from PAI Partners, which had owned the group since August 2005. The business received EC approval for the purchase back in May.
Commenting on the news an Itochu representative commented: “The Kwik Fit Group is an excellent addition to the Itochu organisation. Kwik Fit has a very strong brand, operational structure and network of centres. We look forward to making further investment in the business to build on its heritage and reinforce its market leading position.”
Despite the optimistic tone of the Itochu spokesperson’s comments many questions remain about the exact implementation of the purchase, particularly with regard to how the Japanese conglomerate, which also owns leading UK wholesale operation Stapleton’s, plans to move bother businesses forward.