Delticom buys Tirendo for 50 million euros
Hanover, Germany-based Delticom AG agreed to purchase Tirendo Holding GmbH on 16 September. The leading European online tyre business will purchase all shares in the Berlin-based online tyre retailer and its subsidiaries. According to a statement issued by the companies, the purchase price, including acquired shareholder loans, amounts to roughly 50 million euros.
Delticom’s rationale for the purchase appears to be that it is acquiring a “rapidly growing company with complementary strengths in IT and marketing”. For Tirendo, Delticom is an experienced, well-funded partner which excels in the areas of procurement and logistics.
“Tirendo complements our existing portfolio of shops with another strong brand. The acquisition will allow us to target additional consumer groups,” said Frank Schuhardt, board member of Delticom AG, “Tirendo customers can look forward to more choice and even better service.”
Tirendo was founded in October 2011 by European Media Holding and launched the tyre portal Tirendo.de in Germany in March 2012. Seed-funded and operationally supported during its ramp-up phase by Project A Ventures, Tirendo has quickly established itself in the market through innovation in IT, marketing and branding. The emerging e-commerce company is now active in eight European countries and, for its second year of business, expects a turnover in the mid double-digit million euro range. Tirendo is well-known not least thanks to Sebastian Vettel. The three-time Formula One world champion will continue in his role as exclusive brand ambassador. Indeed it seems clear that the combined strengths of rapid company growth and strong marketing track record is what Delti is looking to tap into.
Tirendo’s CEO, Dr Martin Kern: “With Delticom’s logistical and sector network, we can deliver even more value to our customers and initiate the next stage in our growth.” Kern laid the foundation for Tirendo’s success thanks to his many years of experience in the automotive sector. He will leave the internet start-up at the end of the year and will remain connected to Tirendo in an advisory role.
Markus Bihler, who worked on the transaction on behalf of the sellers, will join the management team of founders Erik Heinelt (Product & IT) and Felix Vögtle (Marketing & HR). Bihler: “I am looking forward to working with Delticom. Together we will continue to write the success story of online tyre sales.”
Delticom opened ReifenDirekt.de, one of Germany’s first online tyre shops, as early as 2000. With more than 6 million customers in 42 countries and an annual turnover of around 500 million euros, the company is the market leader in European online tyre sales.
Delticom was advised by Hogan Lovells and Rödl & Partners, the sellers by Freshfields Bruckhaus Deringer.