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Halfords Autocentres reports 89.6% increase in pre-tax profit – next stop ‘market leadership’

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Halfords

The Halfords Group reported a strong set of full-year 2021 that saw the company generate total sales of 1,292.5 million in 2021, up 13.1 per cent compared with the 2020 financial year (2020: 1,155.1 million). The financial report, which was published on 17 June 2021, shows that by all measures pre-tax profits skyrocketed. Indeed, Halfords Group reported profit before tax after the impact of IFRS 16 of £64.5 million, which amounts to a headline-grabbing increase of 184.1 per cent compared with the previous year.

Halfords Autocentres accounted for an increasing proportion of the group’s overall sales figures, reporting 2021 sales of £252.5 million, up 31.6 per cent compared with 2020’s £194.1 million.

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  1. McConechy’s Tyre Service Ltd sold to Halfords for £8.5 million
  2. Halfords’ major tyre retail play
  3. Halfords reports £1 billion annual group revenues, a year earlier than planned
  4. Goodyear and Halfords moves represent the virtualization of the tyre distribution chain
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Fitch rating affirmation partially affirms Goodyear Cooper acquisition strategic logic

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PublicDomainPictures; Pixabay

The day after Goodyear announced that it is buying Cooper Tire for north of $2.5 billion, Fitch Ratings affirmed its Long-Term Issuer Default Ratings of The Goodyear Tire & Rubber Company (GT) and its Goodyear Europe B.V. (GEBV). Fitch also affirmed its ratings on a number of specific funding lines. Both moves can be interpreted as partially affirming the Goodyear Cooper acquisition’s strategic logic – something that was described as compelling by the senior executives of both companies.

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Related news:

  1. Goodyear set to buy Cooper Tire for US$2.5 billion
  2. The Goodyear/Cooper combination’s synergies; global headquarters to be in Akron
  3. Cooper shareholders approve Goodyear merger
  4. Goodyear and Cooper shares up 30% after takeover news
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Halfords’ major tyre retail play

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Halfords Autocentres

The last few weeks have seen well-known automotive retailer and autocentre owner Halfords Group make a major move into the tyre retail space. Of course, this is nothing new, the company has been travelling towards tyre retail for about a decade. The last push of this scale was in February 2010 when the company bought Nationwide Autocentres for £73 million – a move that was laden with history of its own.

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  1. McConechy’s Tyre Service Ltd sold to Halfords for £8.5 million
  2. Goodyear and Halfords moves represent the virtualization of the tyre distribution chain
  3. Halfords buys Tyres on the Drive for £746,000
  4. The growing influence of autocentres on tyre retail
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McConechy’s Tyre Service Ltd sold to Halfords for £8.5 million

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McConechy's

Halfords Group plc bought McConechy’s Tyre Service Limited, the sixth-largest tyre retail business in the UK, on 7 November 2019 for £8.5 million. This makes the newly-expanded Halfords Autocentres the second largest tyre retailer in the UK.

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Related news:

  1. Halfords’ major tyre retail play
  2. Halfords Buys Nationwide Autocentres for £73.2 million
  3. Nationwide Autocentre Purchase Brings Halfords Full Circle
  4. Goodyear and Halfords moves represent the virtualization of the tyre distribution chain
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Trail enters into an exclusivity agreement for the acquisition of Electropoli

Trail, the European private equity investment firm, today announces the signature of an exclusivity agreement to acquire Electropoli, a leading provider of surface treatment services in Europe, notably for the automotive industry.

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Kordsa buys US firms Fabric Development Inc and Textile Products Inc

Kordsa has spent roughly US$100 million buying Fabric Development Inc (FDI) and Textile Products Inc. (TPI), which provide advanced composite materials to the commercial aviation industry. With these acquisitions Kordsa aims to follow the same path that led to leadership in tyre reinforcement technologies.

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  1. Kordsa Global a ‘great place to work’
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European FinTyre appoints Massimiliano Messina as CFO

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European FinTyre Distribution Limited (EfTD) has appointed Massimiliano Messina as chief financial officer of the group.

Messina role makes him responsible for optimising the financial resources of the group and securing the synergy between its different companies. In addition, he will coordinate the merger and acquisition activity with the support of the management team and will report directly to Mauro Pessi, CEO of the group.

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Fintyre acquisition shows fast-growing firm is ‘doing OK’

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European finTyre Distribution (EFD) has been growing rapidly since its private equity owners Bain Capital backed the acquisition of Italian tyre wholesaler Fintyre back in March 2017. Since then the company has been on the acquisition trail, buying Pneusmarket and Franco Gomma in Italy as well as Reiff and most recently Reifen Krieg in Germany – all in order to build a “European tyre distribution group”. Tyres & Accessories recently spoke with Fintyre managing director Mauro Pessi and asked who’s next and what’s the exit plan?

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  1. Fintyre to open London head office
  2. EC clears Bain Capital’s acquisition of Reiff’s tyre distribution business
  3. European FinTyre Distribution buys Reifen Krieg
  4. Restructuring announced as Fintyre Group misses January wages
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Hankook Tire acquires majority stake in Model Solution

By acquiring a 75 per cent equity stake in high-tech digital prototype company ‘Model Solution Ltd.’, Hankook Tire hopes to benefit from synergies gained by combining the company’s know-how with that of its affiliate, super-size mould equipment company M&K Technology. The tyre maker paid KRW 68.6 billion (£47.3 million) for the stake.

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Messe Frankfurt buys Forest Exhibitions

On Wednesday 28th February, Messe Frankfurt bought Automechanika Birmingham organiser Forest Exhibitions.

According to a statement released on 1 March, Messe Frankfurt – the world’s third biggest exhibition organiser and the owner of the Automechanika name – the acquisition is designed to set up a UK subsidiary.

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Continental has billions for automotive sector acquisitions

In an interview published by German financial daily Börsen-Zeitung on Saturday, chief financial officer of Continental AG, Wolfgang Schäfer, stated that the company has set at least 3 billion euros aside for expanding within automotive markets through acquisitions.

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  1. Continental: Net income up 2.1% despite higher in raw material costs
  2. Continental: Tyre division growth behind group average in Q1-3 2017
  3. Stronger euro hits Continental in Q1 2018
  4. Less optimistic: Continental revises 2019 outlook, announces preliminary Q2 results
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Kumho takeover implosion isn’t the end of market consolidation attempts

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No I am not talking about the unqualifiable rumours that Doublestar made an offer of up to 250 million euros for Zenises. Rather, that in the first week of September we learnt that Doublestar’s proposed acquisition of Kumho was collapsing before the firm’s eyes after the Qingdao-Chinese tyre manufacturer asked for a double-digit discount. And it is also worth considering what all this means for the wider tyre manufacturing sector.

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  1. Giti enters the top 10 of leading tyre manufacturers
  2. 2015 tyre manufacturer rankings: Stability at the top?
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  4. Triangle returns to China car tyre top 10, Michelin retains top spot
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Zircotec Group acquires Performance 1 Coatings

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The Zircotec Group has acquired performance exhaust coating and thermal management specialist Performance 1 Coatings (P1C). The takeover, which includes 100 per cent of the P1C business, widens the breadth of Zircotec Group’s product range, which now includes high quality performance coatings at every price point. The group states that the buy-out will enable P1C and its performance aftermarket customers to benefit from future product enhancements by Zircotec’s technology, OE-expertise and extensive in-house R&D facilities.

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  4. Kumho takeover implosion isn’t the end of market consolidation attempts
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The Parts Alliance Group acquires BMS Superfactors

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The Parts Alliance has acquired BMS Superfactors, their Greater Manchester-based associate member. BMS Superfactors has four branches in Bury, Oldham, Rochdale and Dukinfield, collectively employing over 120 staff.

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‘Only efficiency will save tyre distributors’ – Top 5 European tyre wholesaler Fintyre

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In response to a contracting market in 2013 and 2014, Italian wholesale giant Fintyre underwent a reorganisation, involving relocation north from Empoli to Seriate, Bergamo and a staff reduction of 60 employees. The overhaul of the company structure did not end there; it started a process in 2015, completed in late 2016, which has changed the face of Fintyre. This, it states, has consolidated its position as the leader of the Italian market with a share of around 25 per cent. In 2015, British investment firm BlueGem Capital Partners, which at that point held a 90 per cent share in Fintyre after its original 2009 investment, was recapitalised following a major financing agreement with GSO Capital Partners. The company then made two major acquisitions – Pneusmarket and Franco Gomme – which have helped to increase turnover from 255 million in 2014 to an estimate of more than 400 million euros in 2016.

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Related news:

  1. Fintyre now sole Italy distributor for Triangle tyres
  2. Tyre wholesale: acquisition gives Italy’s Fintyre national coverage
  3. Fintyre acquisition shows fast-growing firm is ‘doing OK’
  4. Fintyre to open London head office
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