LONDON — A United Kingdom-based distribution company, owned by U.S. investment firm Bain Capital Private Equity, has received European Commission approval to buy the tire distribution business of Germany's Reiff Group.
London-based European Tyres Distribution Ltd. (ETD) — Bain's "platform vehicle" for this and other transactions — said the deal is part of its strategy to become "the leading independent tire supplier in Europe in the coming years" through organic growth and further acquisitions.
Reutlingen, Germany-based Reiff Tyre & Automotive Technology is active in wholesale, retail and online sales via four warehouses and 46 retail outlets. In 2016, it generated sales of nearly $370 million with more than 285,000 customers.
Financial terms of the deal were not disclosed.
This is ETD's second investment in tire distribution in 2017. In March, it acquired Fintyre S.p.A., a leading Italian distributor of replacement tires.