Hella GmbH is selling its Danish and Polish parts distributors
, FTZ Autodele & Verktoj (FTZ) and Inter-Team s.p to the Swedish wholesaler, Mekonomen AB. A corresponding agreement has been signed by both companies. Terms of the deal amount to €395 million on a cash- and debt-free basis. In addition, a consideration equivalent to profits generated from November 30, 2017 to completion of the transaction will be paid to Hella. The sale is subject to approval and is expected to close in Q3 2018. Financial advice was provided by Jefferies,
“With Mekonomen, a renowned wholesaler will take over our activities in Denmark and Poland, which will strategically develop the business,” explains Dr Werner Benade, Hella GmbH Managing Director. “We will systematically focus the Aftermarket segment on the independent spare parts business and innovative workshop equipment. As part of this, we are accelerating the interaction between the divisions and opening up digital business models.”
Pehr Oscarson, President and CEO of Mekonomen, adds: “Through the acquisition of FTZ and Inter-Team, we strengthen our position as a leading automotive spare-parts distributor in the Nordic region and take the step into Europe. The acquisition is in line with our strategy of playing a central role in the ongoing consolidation in Europe. These are two well-run companies that will continue to develop within the framework of existing corporate structures and brands as standalone companies in the Group.”
FTZ and Inter-Team employ a total of around 2,500 people. The two wholesalers achieved total sales of around €480 million in the 2016/2017 financial year. This corresponds to about seven percent of HELLA’s group consolidated sales.
Go to comments