New Zealand: Acquisition gives NTAW a presence in fleet & retreading market

Australia-headquartered tyre wholesaler National Tyre & Wheel Limited (NTAW) has completed its acquisition of Carters Tyre Service Limited, C.O. Tire & Retreading Co. Limited and Tyre Distributors New Zealand Limited (Carters). The acquisition was made through its wholly owned subsidiary, NTAW Holdings (NZ) Limited, and completed on 7 January.

Carters provides fleets in New Zealand with tyre management and support, including retreads from its in-house production. Prior to the acquisition, the firm was family-owned, headed by founder Garry Carter and son Matt.

On completion, NTAW Holdings (NZ) paid a cash payment of NZ$28 million (£13.9 million) and NTAW issued 1,394,222 fully paid ordinary shares at an issue price of AU$1.35 (£0.71) per share. NTAW comments that the purchase price will be adjusted for Carter’s working capital and actual non-trading indebtedness within the next month.