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).