The Springwater Capital financial group has made a binding offer for Fintyre, which is currently controlled by Bain Capital. No details have officially been released, but some Italian news sources are reporting that the Springwater offer includes a capital increase of 50 million euros. The company has been in talks with potential new investors since May.
The Fintyre Group has grown considerably since Bain Capital first acquired Italian tyre wholesaler Fintyre early in 2017, but what does the future hold? Tyrepress.com understands that the company has told its employees in Germany that a restructuring of the Fintyre Group is taking place, and that this measure is now being felt in a very tangible way.
Having recently rebranded as Fintyre Group, the European tyre distribution specialist reports that it is also implementing a leadership succession plan.
Mauro Pessi will continue to be involved as executive chairman. As a board member the company says he will contribute to the long-term strategic direction of the company, working in close cooperation with Bain Capital.
The private equity firm building up a European tyre distribution group through its acquisition of firms such as Fintyre and Reiff has made a significant investment in North America. Bain Capital reports its acquisition of a majority shareholding in US-based aftermarket tyre and parts distributor Dealer Tire, LLC. The interests of Lindsay Goldberg LLC, Dealer Tire’s investment partner since December 2014, will be acquired by Bain Capital Private Equity. The transaction is expected to close by December.
European FinTyre Distribution Limited (EfTD), one of the largest Pan European tyre distributors, has agreed to acquire the privately held Reifen Krieg Group, a leading full-range tyre wholesaler in Germany. As a result, EfTD is set to become the market leader in two key European countries, Germany and Italy, with 1.1 billion euros of total revenue. According to EfTD, Reifen Krieg’s current owners, Holger Krieg and Tobias Fink, will continue as the group’s managing directors
This year specialist private equity firm Bain Capital has been busy making strategic acquisitions in the European tyre wholesale and retail sectors. First off the company bought Italian tyre wholesaler Fintyre from previous owners Bluegem Capital back in March. Then at the end of June the firm added the German Reiff operation to its portfolio, an acquisition that was subsequently approved by the EC in August. Tyres & Accessories recently interviewed Ivano Sessa, one of Bain Capital Private Equity’s managing directors, and learnt that there are plans for further mergers and acquisitions with a view to creating a “larger tyre distribution group across Europe”.
A further step towards consolidation within Europe’s tyre wholesaling sector has been taken with the European Commission approving the sale of Reiff Reifen und Autotechnik to US private equity fund Bain Capital Investors LLC. The new owner states its intention to become a regional leader within this business.