Sumitomo Rubber Industries to buy Micheldever Tyre Services
Sumitomo Rubber Industries is to acquire Micheldever Tyre Services (MTS), the UK’s second largest distributor of tyres, for £215m.
The deal, which is subject to European Commission approval, will see the tyre giant purchase Micheldever Group, which owns MTS and its retail brand Protyre, from private equity firm Graphite Capital, and will provide a route to market in the UK for the Falken brand.
Duncan Wilkes, chief executive of MTS, said: “The approach that SRI has taken with this transaction is for MTS to run exactly as it has done in recent years. This means that there will be complete continuity of customer contact at all levels in the business, enabling us to continue to develop our business with customers across the UK. In particular, our existing strategy of providing our customers with a range of added-value tools that help them to grow their business will remain a cornerstone of our future.”
There will be no change to the current MTS management structure, with all executive directors remaining in role.
Wilkes added: “Our success has been built on MTS offering customers a wide range of brands, providing choice across budget, mid-range and premium categories. We will remain fully committed to selling and developing all these brands as we look to future growth.”