Watts Tyre Group Sold in Management Buyout

Premia Group Ltd, a private consortium led by Watts Tyre Group chief executive Jean-Paul Mindemann, has bought the Lydney, Gloucestershire-based industrial tyre producer and distributor. According to the company, Premia is owned by Jean-Paul Mindermann, Paul Morey and Andreas Karnein (Watts’ finance and technical directors) and the company will continue to trade under the Watts name.

A company spokesman told Tyres & Accessories/tyrepress.com that, prior to the completion of the deal, talks had being going on for a period of “weeks or even months” and the move was “a question focus” for both companies. Watts of Lydney Group apparently wants to focus on its commercial vehicle franchise business, Watts Truck & Van, Watts Urethane Products and Plysolene (its extruded plastic sheet manufacturing business).

Asked if further consolidation in the industrial tyre business as a whole is likely, Watts marketing manager, James Pick said: “The trend generally follows what is happening in the forklift truck business…so, further consolidation is expected.” The company has not revealed details of how much was paid in the management buyout.

CEO Jean-Paul Mindermann commented: “We are delighted to be able announce the completion of this deal; we believe that it will deliver a number of benefits to staff and customers alike. Despite the economic downturn the Group is well positioned both structurally and financially and we intend to expand and develop our global presence as a leading partner to the materials handling industry.

“We will continue to focus on the development of our Tyre and Wheel product range and will also be investing in our service portfolio during 2010 including significant investment in systems development and mobile service equipment. This will ensure that we remain both the leading service provider in the industrial tyre market and maintain our position as a leading producer of industrial tyres.”

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