Tag Archive | "Acquisition"

OSRAM IN €4bn TAKEOVER BID

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OSRAM IN €4bn TAKEOVER BID


Private investment firms Bain Capital and The Carlyle Group have teamed up to make a bid for lighting technology firm Osram at an offer price of €35 Euros per share.

The voluntary public takeover offer – meaning that the two buyers will acquire all shares in Osram – follows several months of discussions and values Osram at around €4 billion in enterprise value. The Bain and Carlyle share price offer is around 21 percent above the closing price of Osram’s shares before the offer was announced on July 3rd. 

Osram management are understood to be supporting the offer, and are expected to recommend that shareholders accept it. Olaf Berlien, CEO of Osram, said: “Bain and Carlyle are the right partners for Osram at the right time.” 

Private Equity bid recommended for Osram

According to an Osram statement, Bain and Carlyle ‘are making extensive commitments with regard to employees and locations,’ and confirmed existing labor agreements and existing pension plans ‘will remain unchanged’. Osram also expects to retain its patents and corporate headquarters in Munich. The firm is also expected to continue operating under its current name after the takeover.

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OSRAM COMPLETES RING AUTOMOTIVE ACQUISITION

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OSRAM COMPLETES RING AUTOMOTIVE ACQUISITION


Ring Automotive HQ

Lighting manufacturer Osram has completed on the deal to acquire Ring Automotive, following clearance by the Competition and Markets Authority.

The proposed buyout was announced earlier this year, although details of the transaction have not been disclosed. Ring Automotive was previously owned by industrial investment firm Rubicon Partners.

George Skalski, Managing Director of Ring Automotive said of the deal:  “Being part of the Osram family offers us incredible opportunities for further global expansion. The synergies are enormous and will help us to continue our innovation leadership together. In the future, our customers will benefit from the many years of experience of both companies”.

“In addition to expanding our aftermarket portfolio, the acquisition of Ring will enable us to tap into additional sales potential and further expand our market expertise. The aim is to use the additional market and customer access and create synergies in the product portfolio and distribution channels,” said Hans-Joachim Schwabe, CEO of Osram Automotive.

 

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AAUK ACQUIRES WHITEHAVEN FACTOR

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AAUK ACQUIRES WHITEHAVEN FACTOR


The British arm of Alliance Automotive Group, AAUK, has resumed it’s buying spree with the acquisition of Whitehaven-based A&B Autoparts Ltd.

The single-branch light vehicle factor was an existing member of GroupAuto and had been run by the Farragher family since 2002.

Terms of the deal have not yet been disclosed.

READ: AAG MAKES MAJOR ACQUISITION OF 150 BRANCH DISTRIBUTOR

READ: AUTOQUIP MIDLANDS TAKEN OVER BY AAUK

A&B Autoparts now owned by AAUK

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CONSOLIDATION: OSRAM TO ACQUIRE RING AUTOMOTIVE

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CONSOLIDATION: OSRAM TO ACQUIRE RING AUTOMOTIVE


Lighting manufacturer Osram has agreed to acquire aftermarket brand Ring Automotive. Terms of the deal have not been disclosed and it is still subject to the usual approvals.

In a statement, both businesses feel that this combination will be ‘mutually beneficial’ and will result in many opportunities to complement each other’s offering to the automotive aftermarket.

George Skalski, Managing Director of Ring Automotive said, “We look forward to working alongside Osram and believe that the transaction is very positive news for all of our colleagues and customers. The acquisition secures continued investment in the business, which will support our future growth plans and our leading-edge product innovation.”

 

Deal is ‘mutually beneficial’

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NEWS: AUTOQUIP MIDLANDS TAKEN OVER BY AAUK

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NEWS: AUTOQUIP MIDLANDS TAKEN OVER BY AAUK


Branch at Atherton Service Station

Atherton-based Autoquip Midlands has been bought by Alliance Automotive UK.

The factor, which had previously been a member of GroupAuto, can trace its roots back to 1989 although its modern form dates to 2000 when Sandra and Roy Blundell as well as Mark Leason became listed as Directors.

READ: ALLIANCE ACQUIRES PLATINUM INTERNATIONAL

The single branch joins the growing number that are under the direct ownership of the parent company of the GroupAuto and UAN buying groups.

READ: JIM MAZZA JOINS THE PDP

 

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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.  

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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.

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