Italian tyre distributor Fintyre has concluded its composition proceedings with creditors and cleared its debts 15 months ahead of schedule. Confirming the group’s fiscal solidity the company has also announced closing a 20-million-euro financing transaction with Banco BPM.
Springwater Capital has completed the strengthening of the capital structure of the large Italian tyre distributer Fintyre, reports our Italian sister website PneusNews. The transaction completes the process started in June 2020 with the request for an arrangement with creditors presented by Fintyre to the Court of Brescia after the exit of Bain Capital, the main shareholder.
Fintyre SpA’s creditor arrangement plans were approved by the Court of Brescia on 4 February 2022. The plans filed by Fintyre envisage, among other things, business continuity within the rules of Italian bankruptcy law to the benefit of the company’s approximately 250 employees, according to reports from our Italian sister publication, PneusNews.it.
Springwater Capital has been confirmed as Italian tyre wholesaler Fintyre’s new shareholder, bringing with it 43 million euros of new capital – a figure that is in-line with reports suggesting Springwater’s involvement back in November 2020. Springwater Capital, founded in 2002 and led by managing partner Martin Gruschka, specializes in the turnaround of European Mid-Caps with a long-term investment horizon.
Roughly a year after its German operations collapsed, late in the evening of Friday 12 February, the Italian parent company Fintyre filed a settlement plan with local courts. According to the Italian members of our international publishing group, Pneusnews.it, it is a decisive step for the company from Seriate, in the province of Bergamo.
Even for the best forward-planners, 2020 was a year of surprises. And while the word “unprecedented” has been worn out during the last 12 months, it is difficult to find another more appropriate term. With everything from business closures, to a global pandemic (and with the pandemic resulting in lockdowns, factory closures and spikes in online and mobile tyre business), there certainly has been a lot going on. That’s why in January we crunched the numbers relating to our website traffic in order to find our what exactly were the top 10 stories of 2020.
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.
Cooper Tire Europe has appointed Fintyre as the exclusive distributor of its light vehicle tyres to the Italian market. Under the deal, Cooper will supply passenger car, SUV (sport utility vehicle) and van tires through Fintyre. By joining forces with Fintyre, Cooper will enhance its supply chain in this key European market.
Anyone wanting to know how Reifen Krieg founders Holger Krieg and Tobias Fink would react to the bankruptcy of the tyre wholesaler they founded in 2007 and then sold to the Fintyre Group in 2018 no longer needs to wait. They have founded Tyroo GmbH in Neuhof, Germany.
On 15 June 2020 Italian tyre distributor Fintyre filed an application for admission into a debt restructuring arrangement with creditors to preserve “business continuity and better safeguard the interests of its creditors and of all the subjects who, for various reasons, have relationships with Fintyre”, according to our Italian group publication PneusNews.it. Related businesses Franco Gomme and Tire Retail (Pneusmarket) are not part of the arrangement.
Fintyre, the large but troubled European tyre distribution enterprise, has confirmed that it is talking to “potential new investors” in a statement designed to clarify its ongoing position “given the events that have taken place in the last few months”.
A week ago, Bridgestone announced its acquisition of 42 Reiff Reifen und Autotechnik retail outlets in Germany from the now-bankrupt Fintyre Group business. The insolvency administrator handling the Fintyre case reports that buyers have also been found for two further Fintyre businesses, Duro Reifenservice GmbH and Reifen24 GmbH.
Bridgestone has acquired German specialist tyre trade group, Reiff Reifen und Autotechnik GmbH. The company, part of the collapsed Fintyre Germany group, includes the Reiff, Netto and ABS brands. Reiff runs a network of 42 retail stores in the south of Germany, as well as a tyre retreading plant, all of which are part of the acquisition deal. It has more than 500 employees.
Some ten weeks ago, German tyre wholesaler RS Exclusiv Reifengroßhandel GmbH entered insolvency as part of the Fintyre Group’s operations in Germany. It now seems that the company’s days are numbered. The insolvency administrator’s office confirmed the sale of RS Exclusiv’s headquarters site north of Hamburg to our German partner magazine, Neue Reifenzeitung. The wholesaler has quarter of a year to pack its things and go. But the insolvency administrator also reports another, more cogent reason for winding up the business.
Insolvency proceedings begin for 7 Fintyre Group companies in Germany
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