Magna Tyres acquires South Africa’s Tirepoint

Magna Tyres Group has expanded its global footprint with the purchase of South African tyre dealer network Tirepoint. With this acquisition, Magna Tyres’ global workforce stands at more than 700. The company has declined to disclose the transaction’s financial details.

Tirepoint has been in business since 2004 and operates in the Gauteng, KwaZulu-Natal and Western Cape regions of South Africa, with a branch in each. In addition to Magna’s traditional business area of off-highway tyres, Tirepoint is active in the passenger and commercial vehicle segments. Magna Tyres describes the multi-brand firm as “one of the largest tyre dealers & service providers” in the country, a company that is “positioned to consistently provide exactly what clients need.”

€600 million turnover by 2026

“We are excited to welcome Tirepoint to the Magna Tyres Group family,” states Michael de Ruijter, president and chief executive officer of Magna Tyres Group. “With their expertise and excellent longstanding reputation as well as their ability to satisfy customers with tailor made solutions, Tirepoint is a valuable addition to our global network. It perfectly fits our joint belief of ‘customer first’ mentality.

“With the addition of Tirepoint, our position as largest second tier supplier of off-the-road tyres and service provider in the world has been further strengthened,” de Ruijter continues. “Moreover, it’s a giant step forward in our well executed ‘Buy & Build’ strategy. With this acquisition, The Magna Tyres Group employs over 700 dedicated employees across the globe. We are well ahead of our ultimate goal to surpass our turnover by €600 million before 2026. Furthermore, it accelerates our growth on the African continent tremendously.”

Andrew Cameron, chief executive officer of Tirepoint South Africa, adds: “As with everything you need to remain relevant, flexible and able to adapt with the times. To this end, we are very excited about the transaction with Magna Tyres and the extra benefits that will become available for our customers. We believe there is good synergy, like-mindedness and an opportunity to grow the business to a new level. We are looking forward to this new chapter in Tirepoint’s life and being a part of Magna Tyres’ success.”