Tag: acquisition
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.
Michelin buys Indonesian tyre manufacturer Multistrada
Michelin has agreed to buy 80 per cent of PT Multistrada Arah Sarana TBK, the Indonesia-based tyre manufacturer. With a production capacity of more than 180 thousand tons (which equates to 11 million passenger car tyres, 9 million two-wheel tyres and 250 thousand truck tyres), Multistrada generated net sales of US$281 million in 2017.
Bridgestone buying Tomtom Telematics for 910 million euros
Bridgestone Europe NV/SA, the Europe Middle East and Africa (EMEA) subsidiary of Bridgestone Corporation, has entered into an agreement with TomTom to acquire its telematics business for a cash consideration of 910 million euros. Michelin had also been named as a suitor for the business when the news that TomTom Telematics was for sale emerged in November 2018.
FinTyre buys RS Exclusiv Reifengrosshandel and TyreXpert Reifen + Autoservice
European FinTyre Distribution (EfTD) has signed a binding agreement to acquire two key players in the German tyre market: RS Exclusiv Reifengrosshandel GmbH and TyreXpert Reifen + Autoservice GmbH. As a result of the acquisition EfTD now has a total turnover of 740 million euros in Germany and project annual unit sales of 8.5 million tyres.
Coker Group acquisition completed
Irving Place Capital has confirmed the completion of its acquisition of the Coker Group, in partnership with Coker president and CEO, Wade Kawasaki, and the current Coker Group leadership team. The Coker Group consists of the Coker Tire, Wheel Vintiques, Universal Vintage Tire, Phoenix Race Tires, Specialty Wheel and Roadster Wire Wheel brands. Tennessee-based Coker Tire Company is the world’s largest manufacturer/supplier of collector vehicle tyres and motorcycle tyres, with distributors in more than 30 countries.
Fintyre to open London head office
The last couple of years have been something of a whirlwind for the European Fintyre Distribution project, which has seen the business grow from a key player in the Italian market into a wider European operation with aspirations of being the leading force in pan-European tyre distribution and perhaps even beyond. Tyres & Accessories recently met with European Fintyre chief executive officer Mauro Pessi in order find out more about the company’s decision to base its central headquarters in London as well as its general, ongoing growth.
Michelin, Bridgestone interested in TomTom telematics business
It appears that Michelin and Bridgestone are interested in acquiring the TomTom Telematics business unit from Netherlands-based company TomTom. According to Dutch financial daily Het Financieele Dagblad (FD), Michelin – one of four companies vying to acquire the business – allegedly aims to add the business into its Michelin Solutions portfolio. The other interested parties are said to be Pamplona Capital Management, which already holds a 26.5 per cent share in London-headquartered telematics and data analytics solutions provider Octo Telematics, and a second, unnamed investment company.
Interested parties vie to acquire Indonesian tyre maker Multistrada
Quoting sources from the “investment banking industry,” BusinessKorea reports that “a number of global tyre companies” have shown interest in acquiring Indonesia’s second-largest tyre maker, PT Multistrada Arah Sarana Tbk. The publication names Hankook Tire and Michelin as two of the interested parties.