Tag Archive | "Acquisition"

HALFORDS ACQUIRES MCCONECHY’S FOR £9.3M

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HALFORDS ACQUIRES MCCONECHY’S FOR £9.3M


Retail giant Halfords has acquired Scottish servicing chain McConechy’s in a deal worth £9.3 million.

McConechy’s is one of the UK’s largest servicing and MOT chains, employing roughly 330 people across 59 sites in Scotland and the north east of England. It is estimated to generate around £45 million in revenue, and will slot in alongside Halfords’ existing Autocentre, weFit and Mobile Expert servicing brands. 

The new deal has been described by Halfords boss Graham Stapleton as “highly complementary” to the firm’s existing range of product and service offerings. 

He added: “The vehicle servicing market is a £10 billion market, but one which remains highly fragmented, offering significant scope for Halfords’ trusted and recognised consumer brand to grow its market share considerably.”

READ: PROFITS SLUMP AT HALFORDS FOLLOWING MILD WINTER

The announcement comes as Halfords rounds up its half-year financial results, which reveal a 2.5 percent profit drop and 2.9 percent revenue decline in the six months leading up to 27 September. 

The company blames the losses on a “challenging retail backdrop and tough weather comparators year-on-year”, but also acknowledges that further financial damage was prevented by “strategic investment, gross margin improvements and tight cost control”. 

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JAMES BRIGGS LTD ACQUIRED BY TETROSYL

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JAMES BRIGGS LTD ACQUIRED BY TETROSYL


James Briggs Ltd, manufacturer of the Hycote paint brand has been acquired from a private equity firm by Rochdale-based Tetrosyl. Details of the transaction have not been disclosed.

James Briggs was acquired by private equity firm Endless in 2013,  During P.E ownership the firm signed a distribution deal with Tetrosyl. The firm, which can trace its roots over two centuries, employs around 300 people over two sites in Oldham.

Peter Schofield, Tetrosyl Group Chairman, said: “We are delighted to welcome the James Briggs business and the James Briggs team to the Tetrosyl family and are sure the combined business will have great success in the future”.

 

 

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OSRAM ADVISE SHAREHOLDERS TO ACCEPT AMS BID

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OSRAM ADVISE SHAREHOLDERS TO ACCEPT AMS BID


OE manufacturer Osram has advised shareholders to accept a deal offered by Austrian semiconductor firm AMS.

The offer of €38.50 per share is greater than an earlier offer made by P.E firms Bain Capital and Carlisle, plus Osram’s board believes that AMS’ experience with microchip development will benefit the company in the future.

READ: NEW €4bn+ BID FOR OSRAM

However, not everyone is convinced. One of Germany’s largest trade unions had already rejected the bid and in a joint reasoned statement, Osram’s board has raised concerns over where the new company will be based and be structured.

READ: OSRAM LATEST: WORKERS UNION REJECTS AMS BID

Osram recommends shareholders accept takeover bid

Taking the view that ‘The financial attractiveness of the offer was to be weighted higher than points of criticism’. Osram has recommended that the offer be accepted.  “Overall, the Management Board and the majority of the Supervisory Board regard the strategy pursued by ams as promising in many respects, particularly with regard to the further development of the Opto Semiconductors business unit. By merging with AMS, this business unit could benefit from the development of innovative sensor and photonics solutions, and the use of established customer access, among other things” the company said in a statement.

 

 

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ALLIANCE ACQUIRES ANOTHER BRACE OF FACTORS

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ALLIANCE ACQUIRES ANOTHER BRACE OF FACTORS


Business group Alliance Automotive UK has continued its buying spree with the acquisition of South Wales-based FMP and Glaze Autoparts of Wolverhampton. 

READ: ALLIANCE AUTOMOTIVE UK ACQUIRES ASMF

Both companies were existing members of Alliance Automotive’s GroupAuto buying group. Glaze Autoparts was incorporated in 2000 by Mark Leason and Roy Blundell was MD at the time of acquisition. 

READ: RAPID GROUP FOUNDER SOLD TO GROUPAUTO PARENT

FMP (originally Foreign Motor Parts) was originally founded in 1996, although the company in its current form dates to 2004. Founded by Neil Melmoth, the business had several branches covering an area between Swansea and Port Talbot with around 40 staff and 16 vans.  

Glaze Autoparts now wholly owned by AAG

These latest deals brings the number of UK motor factor businesses acquired by the group in 2019 to 14 and around 30 locations.

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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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