Private equity group Axcel has become the new majority owner of Nordic Tyre Group in a move designed to “further strengthen the [tyre] company’s position in its core regions while expanding into new European markets”.
Däckson i Karlskoga and Nya Gummicentralen i Kristinehamn have become the latest Nordic tyre businesses to announce their accession to CTS. The companies will continue to operate under the same name and with the same team. Founder Johan Övelius and the rest of the team will remain operational in the companies and co-owners of CTS.
Circular Tire Services Europe Holding (CTS Group) has completed the inaugural issuance of senior secured bonds totalling 1.3 billion Swedish krone (£93.717 million; 112.176 million euros; US$118.491 million). Net proceeds from the bond issue will be used to “refinance existing debt and for general corporate purposes” including mergers and acquisitions, with company representatives saying the financing provides a “foundation for future growth driven by M&A and organic initiatives.”
Nacka-Värmdö Däckdepå is the latest to join the Circular Tire Services (CTS) Nordic tyre distributors group. Nacka-Värmdö Däckdepå sells tyres and rims as well as running a tyre hotel for both passenger cars and heavy vehicles.
September has been a month of official openings. Specifically, Nokian Tyres opened its Romania tyre factory – something it has done in record time (see pages 14-16 for the details). And Linglong flipped the switch on passenger car tyre manufacturing at its Serbia plant too (see pages 18-19). At the same time, October’s magazine focuses on tyre wholesale (see page 44 onwards) and industrial tyres (from page 36). However, this column turns its attention to an arguably under-reported part of the European tyre market – the Nordic/Scandinavian tyre business.
The news that Däckhuset I Norrland, based in Northern Sweden, has joined Circular Tire Services (CTS) makes it a hattrick of new members of the fast-growing Scandinavian tyre distribution during the course of a month.
Magna Tyres Group has appointed Norgesdekk its exclusive distributor for Norway, an arrangement it views as a continuation of its “ambitious global expansion strategy” and a reinforcement of Magna Tyres’ presence in Scandinavia. Norgesdekk will offer the full range of Magna OTR and industrial tyres to customers in the Norwegian market.
Following the news that Gummicentralen Säffle has joined CTS, another firm has announced that it too is partnering with the Scandinavian tyre distribution operation. Specifically, Ingers Däck, one of Sweden’s largest tyre shops, is joining what is loosely being called Circular Tire Services (CTS).
ZC Rubber has extended its strategic partnership with logistics firm DSV. The new agreement extends their successful collaboration by 10 years. DSV A/S, the parent company of DSV Road Holding NV employs over 60,000 people across 90 countries. Recently, DSV outbid several competitors to acquire DB Schenker, the logistics subsidiary of German state-owned railway operator Deutsche Bahn, for approximately 14.3 billion euros. This acquisition marks a significant expansion for DSV in the logistics sector, positioning it to become the world’s largest freight operator.
This year Colmec, Lapin Kumi and several local workshop owners have come together to form a new tyre service group that – for not, at least – goes by the name of CTS, which stands for Circular Tire Services. Now Gummicentralen Säffle has also joined the group.
Compilator AB, part of UK-based Kerridge Commercial Systems Limited, is partnering with Mobile IT Apps to deliver TiDaeX integration via the e-jobsheet tyre service app for the UK and the Republic of Ireland. The move comes in anticipation of its planned expansion into Scandinavia and North America. The integrated partnership will be formally introduced at the ITIA conference in Dublin on 29 February 2024.
Nordic private equity investor Norvestor has acquired a majority stake of Scandinavia and Poland based truck tyre distributor Colmec Group. The company was founded in the 1960s by the Eckerström family, which previously led the company. Peter Eckerström, who stepped down as CEO in early 2022, and the family will remain as minority shareholders after the company’s leadership opted to bring in the new majority owner to lead the company into a new development phase.
Norwegian tyre business Norgesdekk has bought 67 per cent of the shares of Valla Dack AB as part of a move into the Swedish market. The Swedish business, which turns 40 this year, had a turnover of more than SEK 190 million in 2021 (£15.444 million; 18.330 million euros).
In order to support its ambition of becoming a true Nordic tyre & wheel specialist, independent tyre distribution firm Vimexa has become a corresponding member of the STRO (Scandinavian Tire and Rim Organization) in Sweden. Announcing Vimexa’s STRO membership, managing director Rutger Veerman said “we have realised strong growth in the Nordic (and Baltic) region during the last five years, and with our hub in Helsinki the logistics is optimal.”
At the start of this year, independent tyre distribution specialist Vimexa expanded its offices at the Technopolis facility near Helsinki-Vantaa airport. Managing director Rutger Veerman says more office space was needed to accommodate the “substantial” growth that Vimexa has enjoyed in Scandinavia and the Baltic region during the last three years.
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Valla Däck AB; Norgesdekk