Winchester, UK - Sumitomo Rubber Industries (SRI) has sealed another deal in the UK in less than two weeks, this time buying UK-based tire distributor Micheldever Group from Graphite Capital Management LLP.
The £215-million (€252 million) deal is part of SRI’s efforts to strengthen the market position of its Falken tire bran, following the dissolution of its global alliance agreement with Goodyear in October 2015.
Winchester-based Micheldever is a holding company controlling Micheldever Tyre Services Ltd. (MTS), a wholesaler and retailer of tires in the UK, established in 1972.
MTS sells to over 6,000 retailers and auto-repair shops in the UK and also owns and operates about 100 tire retail outlets under the "Protyre" brand. MTS sells around 6 million tires per year.
As part of its long-term "Vision 2020", SRI expects to expand businesses in Europe and North America, through this acquisitions and further global business development.
The deal follows a 27 December agreement between SRI and Sports Direct International PLC (SDI) to acquire the trademark rights to the Dunlop brand in 86 countries. SRI has agreed to pay €131.7 million to SDI for the trademark rights as well as SDI’s Dunlop-branded sporting goods and licensing businesses.