Watts Tyre Group buyout approved
Swedish organisation to acquire the British firm
Watts Tyre Group, the tyre manufacturer and distributor, has been acquired by Swedish global industrial group Trelleborg for around £21m, after regulatory approval was received this month, it has been announced.
Based in Gloucestershire, Watts Tyre Group has manufactured and distributed industrial tyres for more than 50 years. The company has direct distribution in the UK, France, Germany, Mexico, Uruguay and the USA, as well as their surrounding markets, and indirect distribution through partners in a further 60 countries around the world.
The takeover deal by Trelleborg was announced on the Swedish Stock Exchange market in November last year, however regulatory approval by UK Competition Commission has only just been granted.
Specialist law firm Roxburgh Milkins advised Watts Tyre Group on its acquisition after Trelleborg approached the group, following a successful period after its previous management buy-out from Watts of Lydney Group Limited.
In the last year, Watts Tyre Group has grown organically and remained profitable. However, it decided to agree to the acquisition in order to secure the “long-term stability of the company”, said Watt Tyre’s financial director Paul Morey.
Commenting on the sale, Watts Tyre Group chief executive Jean Paul Mindermann said: “This is a very significant move which secures the long term future of Watts in the industrial tyre market. Trelleborg are a business based on the highest principles and ethics, whilst our respective geographic portfolios make this an excellent fit for two global businesses.”
© Crimson Business. Ltd 2011