Zenises denies Doublestar acquisition rumours
Zenises Group CEO, Harjeev Kandhari has denied rumours emanating from the Spanish market that Chinese tyremaker Doublestar has bid as much as 250 million euros for the company. Doublestar and Zenises entered into a European joint venture in October 2016.
Writing in response to the speculation, Kandhari said: “Zenises is not for sale at such a price. This amount is well below the valuation achieved in our last funding round and, whilst most people recognize us for our Z Tyre brand and now for ancillary battery and lubricants businesses, they perhaps don’t also realise that we are a tyre technology company. We have a full technology team based in Europe and Dubai working on revolutionizing distribution chains in the tyre industry as we grow our ‘World First’ flat rate subscription business.
“We have also recently entered the telematics space with our ‘Zelematics’ product suite and we are also moving to acquire retail channels in Europe with our financial partners to build and control retail distribution across European markets. Our industry, whilst heavily prone to disruption, will always require physical infrastructure. As such, whilst we are working on the technology side, we are also working to ensure that there is physical delivery available for the fitment of tyres. But, most importantly, Zenises’s strongest asset is its management team which is like family. One can never sell family”.
Tyres & Accessories contacted Doublestar representatives for comment. No answers have yet been received.