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Sumitomo Rubber Industries has Completed the Acquisition of Micheldever Group Ltd.
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Sumitomo Rubber Industries, Ltd. (hereinafter "SRI") is pleased to announce that it has completed the acquisition of UK based Micheldever Group Ltd. (hereinafter "Micheldever") from Graphite Capital Management LLP. The acquisition was previously announced on January 5, 2017.
Having a greater degree of freedom to expand its business in Europe following the dissolution of an alliance agreement with Goodyear in October 2015, SRI has been active in taking measures to strengthen its production capabilities and expand its sales.
Micheldever is a holding company controlling Micheldever Tyre Services Ltd. (hereinafter "MTS"), a wholesaler and retailer of tires in the UK. In addition to sales to over 6,000 retailers and auto-repair shops nationwide in the UK as a tire wholesaler, MTS owns and operates about 100 tire retail outlets under the "PROTYRE" brand. MTS generates sales of about 6 million tires per year.
As part of its long-term "VISION 2020", SRI plans on accelerating its action plan "Business Expansion in Europe and North America" through this acquisition and further developing its business on a global scale.
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| Tire retail shop "PROTYRE" |
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| Shares acquired and enterprise value |
| 128,787 shares (100% of the voting interest). Enterprise value: GBP 215 million. |
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| Micheldever Group Ltd. |
| | Location | : | Winchester, Hampshire, UK |
| Representative | : | Duncan Wilkes |
| Main Business | : | Wholesaler, distributor and retailer of tires for motor vehicles, motorcycles and farm
machinery and other automotive products |
| Sales | : | Approx. GBP320 million (fiscal year ended 3/31/2016) |
| No. of Employees | : | 1,574 (as of 12/31/2016) |
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| Graphite Capital Management LLP |
| | Location | : | London, UK |
| Main Business | : | Private equity investment in mid-cap enterprises |
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