Brussels – Bridgestone Europe, Middle East, India and Africa (EMIA) is acquiring German tire trade group, Reiff Reifen und Autotechnik GmbH, the company announced 4 May.
Based in Reutlingen, Reiff has 42 retail stores under the brand labels Reiff, Netto and ABS, and a tire retreading plant in southern Germany.
The company employs more than 500 people and has “excellent reputation as a professional and trustworthy partner,” the Bridgestone statement added.
In a written statement to ERJ 4 May, Bridgestone confirmed that the assets were acquired from the insolvency of UK-based distributor Fintyre Group in Germany.
Part of the US private investment company Bain Capital, FinTyre specialises in the wholesale and retail sale of car accessories and tires and acquired Reiff in August 2017.
According to insolvency administrators Jaffé Lawyers, the German Fintyre companies filed for bankruptcy in February and the 16 entities are now up for sale.
The acquisition fits well with Bridgestone’s strategy to become a “mobility solutions leader” as the Japanese group increases its focus on “premium tires, trusted mobility solutions and customer centric retail networks.”
"This deal will effectively support our existing trade partnership network and create new synergies,” said Daniel Giroud, chief sales officer BSEMIA.
Bridgestone has stepped up its retail activities in recent years with acquisitions and joint ventures across France, Germany, Spain and the UK.
Its retail network and partnerships now include First Stop, Ayme, pitstop.de, PPG Pneuhage Partners Group and Speedy.
Bridgestone expects to complete the acquisition by 1 June, subject to the pending approval of the relevant authorities. No financial details of the transaction were disclosed.