Tag Archive | "Acquisition"

GL MOTOR FACTORS ACQUIRED BY AAG

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GL MOTOR FACTORS ACQUIRED BY AAG


Bolton-based GL Motor Factors, a single branch factor and retail shop, has been acquired by AAG.

The firm was an existing member of GROUPAUTO for years and won Factor of the Year in the coveted light vehicle category at the buying group’s award ceremony in Liverpool last month.

GL Motor Factors was incorporated in 2002 and had Mohammed Akhtar and various members of the Fazal family as Directors.  

Posted in Factor & Supplier News, Garage News, Latest News, News, UncategorisedComments (0)

TENNECO ACQUIRES OHLINS FOR $160m

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TENNECO ACQUIRES OHLINS FOR $160m


Kenth Ohlin and Brian Kessler

Tenneco has signed a definitive agreement to acquire Ohlins Racing A.B. Total consideration for the deal, which is set to close in the first quarter of 2019 subject to shareholder approval, is approximately $160 million.

Ohlins is a Swedish premium suspension manufacturer, known for its high-end hardware often used in motorsport applications as well as in the consumer automotive market.

The deal further enhances Tenneco’s primary identity as a manufacturer and marketer of ride performance systems, as well as clean air solutions in the automotive industry. It comes amid a year of large acquisitions of high-profile brands for Tenneco – most notably its acquisition of US manufacturer Federal-Mogul on October 1st.

“I am delighted to welcome the Ohlins team as an important part of our new Aftermarket and Ride Performance company,” said Brian Kesseler, co-CEO of Tenneco. “Ohlins’ technology team will allow us to rapidly grow our product offerings for current and future customers, as well as help us win a larger share of business in developing mobility markets.”

Meanwhile, Ohlins founder Kenth Ohlin, who will continue in partnership with Tenneco to employ his technological vision, said: “We are excited to continue to deliver innovative technologies that can accelerate growth with the full strength and resources of Tenneco behind us.”

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ELTA AUTOMOTIVE IN MANAGEMENT BUY-OUT

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ELTA AUTOMOTIVE IN MANAGEMENT BUY-OUT


Component supplier and Lucas licence holder, Elta Automotive has been subject to a management buy-out.

Terms of the MBO have not been announced, nut current MD Ian Hallam, who has worked with Elta since the company was incorporated, has become the company’s co-owner, alongside long-term European partner Luxline spol. s r.o – lead by Vladimír Palacka. Ian Hallam and Luxline become equal shareholders of a new holding company, Elta Investments replacing the previous holding company, Claverdon Fields.

The formation of a newco required the existing Lucas licence to be renegotiated. Elta will continue to supply bulbs, wiper blade and switchgear under the Lucas brand in the UK and Continental Europe, but engine management products bearing the name will now be supplied by SMPE.  As a result, Elta’s engine management programme will be supplied under the ‘Pro’ brand, announced last year.

“Our relationship with the iconic Lucas brand remains extremely important and will be a cornerstone of our European offering” remarked Hallam.

Elta HQ in Coleshill

“However, as would be expected, a change of ownership inevitably requires a new licence agreement with the brand owners, which is why we are particularly delighted to be able to announce that this has been secured and on a mutually positive basis for both parties” he said, adding that he was ‘thrilled’ with the prospect of a ‘significantly wider territory’ to sell the Lucas brand into.

 

 

 

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HELLA COMPLETES €395m MEKONOMEN DEAL


Hella has successfully concluded sale of wholesale businesses FTZ and Inter-Team

The Danish and Polish wholesale businesses were transferred to Swedish wholesaler Mekonomen after approval by the cartel authorities

 After approval by the antitrust authorities responsible, both companies were transferred to the Swedish wholesaler Mekonomen. Subject to the terms of the transaction, the purchase price amounts to € 395 million.

“We are delighted about the successful conclusion of the transaction. From now on we will be able to focus our aftermarket activities even more on the two strategic columns independent aftermarket and innovative workshop equipment,” says Dr. Werner Benade, Managing Director of the Aftermarket and Special Applications segments at HELLA. “In particular, we are thus going to advance the interaction between both areas and accelerate the development of new digital business models.”

FTZ and Inter-Team employ a total of around 2,500 people. In the last fiscal year 2017/2018 the two wholesalers achieved total sales of around € 500 million. This corresponds to approx. seven percent of HELLA’s group consolidated sales.

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TENNECO ACQUIRES FEDERAL MOGUL

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TENNECO ACQUIRES FEDERAL MOGUL


Emission parts firm Tenneco has acquired Federal Mogul from Icahn Enterprises in a deal valued at $5.4B.

Following the acquisition, Tenneco has also announced its intention to separate the combined businesses into two independent, publicly traded companies through a tax-free spin-off to shareholders; establishing,  ‘Aftermarket & Ride Performance Company’ and ‘Powertrain Technology Company’. The agreement is expected to complete in the second half of 2018, subject to regulatory and shareholder approvals with the separation taking place in late 2019.

Brian Kesseler, CEO of Tenneco, said: “Federal-Mogul brings strong brands, products and capabilities that are complementary to Tenneco’s portfolio and in line with our successful growth strategies. Unleashing two new product focused companies with even stronger portfolios will allow them to move faster in executing on their specific growth priorities.”

Carl C. Icahn, Chairman of Icahn Enterprises, added: “Icahn Enterprises acquired majority control of Federal-Mogul in 2008 when we saw an out-of-favor market opportunity for a great company. I am very proud of the business we have built at Federal-Mogul and agree with Tenneco regarding the tremendous value in the business combination and separation into two companies. We expect to be meaningful stockholders of Tenneco going forward and are excited about the prospects for additional value creation,” he concluded.

Posted in Exhausts, Factor & Supplier News, Garage News, Latest News, News, Retailer News, Shock AbsorbersComments (0)

A NEW CHAPTER FOR ANDREW PAGE

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A NEW CHAPTER FOR ANDREW PAGE


Steven Frost and Shay Allen

Of all the places that I thought might be my first visit of the year, a new branch of Andrew Page didn’t seem likely just a few months ago.

But things change, and so today, I’m standing at a shiny shop counter in a new branch. There are displays of tools and accessories with a number of brands and a small screen with a noisy infomercial for something called Gorilla Glue on a loop – something which I suspect will get old very quickly for the staff.

The stockroom, loaded with parts across two levels, is just as clean. Incredibly, building the mezzanine plus racking the whole branch and filling it with stock was achieved in just a week, according to Regional Manager Steven Frost, who was there to meet me along with Southampton Manager Shay Allen and Interim Marketing Manager Richard Swan.

Admittedly, this is not an entirely new branch. There was already a satellite of the Southampton branch in Eastleigh that needed to move or be closed as the lease was up and the landlord wished to redevelop the building. At the same time, parent company LKQ had a recently vacated building that had previously been a JCA Coatings counter, so it seemed logical for one business to move into the empty building.

RATTLING PHONES
However, don’t think that this is nothing more than a re-site. The sales team that manages customers around Eastleigh and Winchester are to move from Southampton into a bright new telesales office upstairs at the Eastleigh branch, and the team have plans to increase the headcount in order to win some new accounts.

“You get closer to your customers when you are in a standalone branch” Steven Frost emphasised, “But in a satellite branch, you become a bit disengaged as your customers don’t know that you’re up the road. So part of the investment is to get more people in”. This will likely include an extra van or two (there are currently six) and possibly extra people to handle the increased pareto and anticipated rise in orders.

The problems faced by the management of Andrew Page have been covered ad infinitum in CAT, but from a customer point of view the main issue has been inconsistent supply and ever-changing brands on the shelf. “There’s nothing worse than having to ring a customer back and tell them that you can’t get something” said Frost, adding that as an ex-ECP man, he breathed a ‘sigh of relief ’ when he heard that LKQ were behind the takeover, because he knew that range and availability would no longer be an issue.

So, is this branch a new start for the hundred year-old factor? “That’s certainly what we’ve been told” said Frost. “There are more moves and openings planned as [LKQ] want to heavily invest in this brand and move it forward. It hasn’t moved as quickly as we wanted, because of the CMA thing, but straight away this is what we want to do”.

NEW BUSINESS
Branch Manager Shay Allen believes that filling gaps in existing accounts and winning new business is entirely possible, due to the good and personal relationships the team have with individual customers. This trait goes back to the days of Camberley Auto Factors which several team members worked for, prior to being bought and rebranded by Page.

“It absolutely comes down to the relationship between the garage and the factor. If there is one thing that sets us apart right now it is people, and the knowledge and level of skill that they have” said Allen.

This is emphasised in the firm’s attitude to outgoing sales calls. Rather than badger people on the phone with an offer of screenwash or whatever, the sales team will prefer to visit customers to make sure they are happy with everything the factor is doing, and looking to see if there are any gaps that can be filled.

That isn’t to say that there aren’t challenges to this expansion. Both MPD, GSF and GAU are active on the patch that the branch wants to take more of as well as the ‘friendly’ competition from the local ECP. Nonetheless, the shiny new branch sends out a clear message to the aftermarket: Andrew Page is back and open for business.

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