Tag: acquisition
TomTom shareholders set for 750 million-euro windfall
TomTom is set to return roughly 750 million euros to its shareholders after the sale of TomTom Telematics to Bridgestone for 910 million euros closed in April 2019. According to the company, TomTom will return the money on 27 May, through a consolidation of shares. Telecom Paper reported that for every 16 shares, nine will remain, resulting in the repayment of 5.74 euros per remaining share. This is said to be equivalent to 3.22 euros per share, based on the number of outstanding shares before consolidation.
Michelin buys Masternaut
Michelin has agreed to buy the entire share capital of Masternaut, one of the largest European telematics providers, for an undisclosed amount. While not price details have been released, according to the company, the transaction has been made on the basis of eight-times 2018 EBITDA before synergies. Masternaut will continue to operate under its own brand as a fully-owned subsidiary within Michelin, and the transaction is expected to close within the next sixty days.
FinTyre completes Rs Exclusivreifengrosshandel and Tyrexpert Reifen + Autoservice acquisition
Following the announcement made on 28 December 2018, on 10 May 2019, European FinTyre Distribution (EfTD) announced that it has completed the acquisition of 100 per cent of German tyre firms Rs ExclusivReifengrosshandel GmbH and Tyrexpert Reifen+Autoservice GmbH.
Further automotive acquisitions for GFG Alliance
Sanjeev Gupta’s GFG Alliance has further consolidated its presence in the automotive sector by acquiring two vehicle components suppliers in France. Through its Liberty industrial business, GFG has become the owner of Lyon-based Saint Jean Industries Poitou and Poitiers-based Fonderie du Poitou Fonte.
Excel Automotive Group under new ownership
Excel Automotive Group (EAG) has been acquired by Tony Bhogal, owner of Sancorp Ltd and managing director ofAutoelectro, in partnership with son, Harry, from TVS Motor Group Ltd (Universal Components Ltd). The new owners have appointed Adrian Lamb managing director of EAG, while Harry Bhogal will be responsible for the company's day-to-day operations.
Genan acquires BioSafe tyre recycling plant
Denmark-based end of life tyre recycler Genan Holding and Portuguese transport and construction equipment solutions provider Nors have signed a definite agreement for Genan to acquire Nors’ subsidiary, BioSafe – Indústria de Reciclagens, S.A., operator of Portugal’s largest tyre recycling plant. The transaction is expected to close at the end of this month, adding a sixth tyre recycling plant to Genan’s global footprint.
Bridgestone Europe completes acquisition of TomTom Telematics
Bridgestone Europe has completed the acquisition of TomTom Telematics (Telematics) for €910 million. The deal passed the relevant regulatory stages, had full approval from TomTom’s shareholders, and received a positive response from TomTom’s works council, the tyre manufacturer states. Tyres & Accessories spoke with Bridgestone about the thinking behind the acquisition when it was announced in January.
Trelleborg acquires Italian agricultural tyre distributor
Trelleborg Wheel Systems has acquired Provana Solutions srl and Provana Quality Center srl. Provana Solutions specializes in the distribution and service of tyres and complete wheels to tractor dealers and farmers in Italy. Provana Quality Center provides testing of various tyre solutions to original equipment manufacturers (OEMs) of agricultural machinery. The acquisitions will enable the development of the business area’s service concept for agricultural tyres in Europe.
Nexion acquires Stenhøj Group
Automotive servicing equipment supplier Nexion has acquired a majority shareholding in Denmark’s Stenhøj Group. Nexion acquired 75 per cent of Stenhøj Group, with a 25 per cent share in the company remaining in the hands of the previous owner, the Dyoe family. The deal, completed on 8 March, sees Nexion, already a global leader in the automotive equipment sector with the Corghi, Bright, HPA-Faip, Mondolfo Ferro, SICE, Orlandini, Tecnomotor, and Teco brands, extend its portfolio to the Danish Group’s products and services in the automotive aftermarket range, which include Dunlop, Autop, Sherpa, Molnar, Bradbury, Tecalemit, Gemco, and its eponymous Stenhøj brand. This list illustrates the current period of consolidation in the garage equipment sector; the acquisition comes two years after the formation of the Corwei joint venture with Bright, an important Chinese competitor.
Compilator invests in fleet business with Inforoute acquisition
Compilator has acquired Inforoute, a provider of software for fleet servicing companies, such as Truck Tyre Manager Vision and Inspector Link. The company said that the acquisition is part of its continued investment in fleet services for tyre businesses. Adding Inforoute to its business is a means of leading that expansion, Compilator adds, with Inforoute online fleet inspection software to be launched in all Compilator markets across Northern Europe.
Michelin: Acquiring Multistrada will help meet growing tier 2 tyre demand
On Friday, Michelin announced its acquisition of 88 per cent of Indonesian tyre maker PT Multistrada Arah Sarana TBK (Multistrada) for US$480 million. The share purchase was completed in line with the terms announced on 22 January 2019 and after obtaining all necessary approvals. As part of the transaction, Michelin also takes on a 20 per cent stake in the tyre retail and automotive service chain PT Penta Artha Impressi, as well as 50 hectares of land.
Marangoni acquires Leader Rubber majority shareholding
The Marangoni Group has acquired a majority shareholding, 51 per cent, in the South African tread maker Leader Rubber Company SA (Pty) Ltd. The move is the latest development in the decade-long partnership between Leader Rubber and Marangoni. The Italian company acquired a 25 per cent share in the company in 2015, a move it described as the “culmination of a partnership that has been ongoing for several years.”
Bengal Machine buys Columbus McKinnon
Bengal Machine, the parent company of Schutte-Buffalo Hammermill LLC, has acquired CM Recycling Equipment Solutions (CM Shredder). According to the company, the purchase of CM Shredder fits with Bengal Machine’s strategy to combine world-class brands in the size reduction industry into a fully integrated manufacturer offering complete, turnkey solutions across a wide range of industries and size reduction applications.
Goodyear acquires HiQ network south-east tyre retailer Weeting Tyres
Goodyear Dunlop Tyres UK has acquired Weeting Tyres, a leading tyre retail company based in Norfolk, Suffolk and Essex, UK. The company operates four branches as a franchisee in Goodyear's HiQ autocare network - in Bury St Edmunds, Chelmsford, Ipswich & Kings Lynn - as well as one independent branch in Brandon, Suffolk, which also functions as its head office. The area served by the latter branch is described as having a high value car parc. All sites will become Goodyear’s equity operating under the HiQ brand following the completion of the acquisition.
The thinking behind Bridgestone’s TomTom Telematics acquisition
Bridgestone’s successful acquisition of TomTom Telematics follows earlier reports that both Michelin and Bridgestone were vying to buy the Telematics business unit from Netherlands-based company TomTom. In addition, according to Dutch financial daily Het Financieele Dagblad, Michelin was one of four in the running. For its part, Michelin was allegedly aiming to add the business into its Michelin Solutions portfolio. Clearly, in order to maintain its original plans and to compete with Bridgestone, Michelin will now have to find an alternative way of moving forward.