Titan International, Inc. (TWI) has bought Carlstar Group LLC. for approximately $296 million in a cash and stock transaction, which closed on 29 February 2024. The transaction price represents a multiple of approximately 4x Carlstar’s full-year 2023 pre-tax profits (adjusted EBITDA) of $73 million. Carlstar reported revenues of around $615 million in 2023.
DriveRightData’s acquisition by Infopro Digital aligns with the company’s “commitment to quality, accuracy and innovation” and the two firms’ integration “will cultivate synergies across both global product portfolio” DriveRightData representatives said in a statement announcing the news on 23 February 2024.
Following the news that Bond International is set to acquire the Viking tyre wholesale business, Halfords Group executives have confirmed to Tyres & Accessories that, Bond will indeed acquire the Viking and Birkenshaw tyre wholesale businesses. At the same time, Halfords Group commercial director/director Halfords Commercial Fleet Services, Robin Shaw clarified that the Bond acquisitions only include the McConechy’s warehouse in Warrington which came into the Halfords group as part of its McConechy’s acquisition in 2019. Meanwhile, Halfords continues to invest in its Commercial Fleet Services operations which have grown out of Halfords’s acquisitions of the members of ULM – Universal, Lodge and McConechy’s.
Well-known tyre wholesale business Bond International was growing fast before the latest acquisitions were announced, but now the company has agreed to purchase Stepgrades Motor Accessories Limited trading as Viking Wholesale Tyres, Birkenshaw Distributors Limited and McConechey’s Commercial Fleet Services, growth will be considerably faster. All three Stepgrades businesses have been acquired from Halfords Group Plc as part of a deal which will see Bond International partner with Halfords to distribute tyres to all of their network. Moving forward, company representatives suggested that there will “further announcements” as the company looks to expand its operation in Scotland, where the business previously had limited exposure.
Colmec Group has acquired Bandag retreader Pentep Oy, one of Finland’s biggest independent retreaders. The company has built a strong customer base of tyre service operations and end-users since it was established in 1992. ”To be a part of Colmec will strengthen Pentep and secure that we can grow and take the next step in the Finnish market, this will positively gain both new and existing customers, but also our employees,” says Teppo Vekka CEO at Pentep.
Michelin has bought Tyroola, Australia’s third-largest tyre e-tailer. As result of the purchase, Michelin intends to “further strengthen its knowledge of customer behaviour and the purchasing process”. Tyroola will continue to operate under its existing brand.
In April 2023, Kwik Fit entered into a partnership with bicycle servicing firm Fettle, now the well-known automotive retail and service brand has bought Fettle. According to Kwik Fit, “this strategic move signifies a major step in reshaping the cycling landscape in the UK.”
Oak Group Holdings (OGH), the parent company of Oak Tyres, which is known as the distributor of Davanti Tyres amongst other things, has acquired the Ostles Scotland Ltd tyre and exhaust centre.
Established in 1987 and a long-standing customer of Oak Tyres and Davanti Tyres, Ostles has a strong reputation as a retailer in Galashiels and has also established a growing distribution presence across the Scottish borders. The business now sits under Oak Group Holdings, as part of OGH’s ambition to bolster its own distribution presence in the area.
According to the company, the acquisition marks a step towards diversifying OGH’s route to market in
MBK Partners, a private equity firm in Asia, has increased its offer to buy a controlling stake in Hankook & Company, the parent company of Hankook Tire & Technology Ltd. On 17 December, MBK Partners raised its offer to acquire a minimum of 20.35 per cent and a maximum of 27.32 per cent of Hankook & Company by 20 per cent. The revised price now stands at 24,000 won ($18.40) per share, up from the initial offer of 20,000 won. The price is 51.4 per cent higher than the firm’s closing price of 15,850 won on Friday.
After receiving all regulatory approvals, the sale of Bridgestone’s Russian assets to S8 Capital has been completed. Bridgestone Europe NV/SA has transferred its tyre manufacturing facility in Ulyanovsk and sales and marketing office in Moscow to the investment company. Thus ends a relationship with Russia that began in 1998.
After plans to sell its entire network in Demark to NDI Group fell through earlier this year, Euromaster Group sold nine of its branches to Super Dæk Service. Under a separate agreement, the Michelin-owned company is transferring its remaining activities and employees to Vulkan Group ApS. It expects to finalise the deal on 1 January 2024.
Kerr’s Tyres Group has announced its purchase of GM Tyres in Tandragee, Northern Ireland. The Antrim-based company says this acquisition “marks a significant milestone for Kerr’s Tyres Group” that further solidifies its “commitment to providing proven products and services to its customers.”
Tyrefix completed the acquisition of C&S Tyres (UK) Limited, which provides heavy off-highway tyre services across the earthmover, waste and recycling markets. The deal completed on 16 November 2023. According to Tyrefix, “the combination of the two businesses further strengthens Tyrefix’s national offering and is the second acquisition completed under the ownership of Literacy Capital.”
TMD Friction and Hella have agreed to transfer the 50 per cent share currently held by TMD Friction in the brake joint venture Hella Pagid to Hella. Hella will thus become the sole shareholder of Hella Pagid. Founded in 2013, Hella Pagid, a joint venture between automotive supplier Hella and brake friction manufacturer TMD Friction, sells brake components and accessories on the global automotive aftermarket. The purchase price has not been disclosed.
K&M Tire Inc. has agreed to acquire Point S USA’s Denver warehouse, according to various news sources. Point S USA will reportedly use K&M Tire as its primary source of tyres in Colorado, company representatives said.