Tyrefix completed the acquisition of C&S Tyres (UK) Limited, which provides heavy off-highway tyre services across the earthmover, waste and recycling markets. The deal completed on 16 November 2023. According to Tyrefix, “the combination of the two businesses further strengthens Tyrefix’s national offering and is the second acquisition completed under the ownership of Literacy Capital.”
TMD Friction and Hella have agreed to transfer the 50 per cent share currently held by TMD Friction in the brake joint venture Hella Pagid to Hella. Hella will thus become the sole shareholder of Hella Pagid. Founded in 2013, Hella Pagid, a joint venture between automotive supplier Hella and brake friction manufacturer TMD Friction, sells brake components and accessories on the global automotive aftermarket. The purchase price has not been disclosed.
K&M Tire Inc. has agreed to acquire Point S USA’s Denver warehouse, according to various news sources. Point S USA will reportedly use K&M Tire as its primary source of tyres in Colorado, company representatives said.
Van rental company Redde Northgate has reportedly presented a £1.4 billion merger to Halfords. According to multiple reports, the two companies have held “detailed talks”. Redde Northgate owns 130,000 vans and corporate cars in the UK and Spain.
The Epiris Fund III of private equity firm Epiris has acquired GSF Car Parts (GSF). This is the fourth investment for Fund III, and Epiris has not disclosed financial terms. The Ahluwalia Family Office has also co-invested in GSF Car Parts alongside Epiris, marking Sukhpal Ahluwalia’s return to the car afterparts market. Sukhpal Ahluwalia becomes executive chairman of GSF and Steve Horne chief executive officer.
TVS Srichakra Ltd. intends to expand its commercial activities in the USA and will drive growth in this market by acquiring the business of Super Grip Corporation. A legal entity for this purpose, SG Acquisition Corporation, was registered in the state of Michigan on 5 September 2023, and the Indian tyre maker’s Board of Directors authorised an overseas direct investment of US$10 million on 20 October 2023.
Testing, consulting, information and compliance services provider Smithers has acquired the Indoor Testing Division of Standards Testing Laboratories (STL), a transaction that includes all indoor tyre and wheel testing capabilities. STL will continue to own and operate its Fabricated Machine Division and Texas operations.
Michelin completed the acquisition of Flex Composite Group on 27 September 2023 under the terms announced on 19 June 2023. According to the purchaser, “Michelin and FCG have thus created a leader in high-tech engineered fabrics and films”. The acquisition forms part of the Michelin in Motion 2030 strategy and is said to mark “a significant step forward in the development of the group’s polymer composites activities”.
In May, fast-growing industrial tyre business CL Tyres bought Manchester-based Fork Truck Tyres. Since then, the business has continued to grow. With the company continuing to expand at a rate of knots, Tyres & Accessories got in touch with director Steven Pye in order to find out how the integration is going and what’s happening next.
Battery and low-voltage architecture specialist Clarios has announced its intention to purchase Paragon GmbH & Co. KGaA’s power business, which produces batteries and battery management systems for the automotive industry. The company has not disclosed details of the transaction but will share additional information on how this acquisition fits its long-term vision for low-voltage vehicle architecture during this week’s IAA Mobility Conference.
When NDI Group recently dropped its plan to acquire Euromaster Danmark after the Danish Competition and Consumer Authority voiced concerns about competition, Euromaster Group commented that its future may include “a possible new agreement with NDI” that covers “some” of its activities in Denmark. And so it is – Super Dæk Service, the tyre and workshop chain owned by NDI, has agreed to acquire nine Euromaster branches.
Marubeni Corporation (Marubeni) has raised its stake in Mexican tyre distributor Radial Llantas S.A.P.I. de C.V. (RL). Marubeni initially bought a 49 per cent shareholding in RL back in 2016. On 21 August 2023, Marubeni confirmed that it now owns 80 per cent of RL thereby making RL a subsidiary of Marubeni.
Automotive brake friction solutions specialist TMD Friction has confirmed its sale to German private equity investor Aequita. The transaction will likely be completed in the fourth quarter of this year, subject to approval by the relevant authorities and the fulfilment of other customary implementation conditions.
With holding company S8 Capital having acquired the assets of Continental AG in Russia, the LLC Continental Kaluga tyre manufacturing facility has been renamed LLC Cordiant Kaluga. The new legal name came into force on 17 August 2023 and the business will in particular be responsible for tyre production at the former Continental plant in Kaluga, some 100 miles southwest of Moscow.
The Danish Competition and Consumer Authority has suspended its investigation into the planned NDI Group acquisition of Euromaster Danmark. Following the collapse of the two companies’ planned merger, the Euromaster Group announced that it will “not continue its activities in Demark” after the end of 2023.
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