Paris, April 22, 2009 - TowerBrook Capital Partners L.P. and Investcorp announce the closing of the acquisition of Autodistribution Group
Olivier Roux succeeds Alain Redheuil as Chairman of the Management Board of Autodistribution and Gerd Siekmann is appointed Group Chairman of the Board.
Paris, April 22, 2009TowerBrook Capital Partners L.P. and Investcorp announce the closing of the acquisition of Autodistribution Group, a leading independent European distributor of spare parts for cars and trucks, in accordance with the previously signed agreement. As a result, the two group holding companies, Parts Holding and Autodis, will exit the “sauvegarde” procedure.
TowerBrook today becomes Autodistribution’s main shareholder, with a controlling stake exceeding 60%, alongside Investcorp and the Group’s lenders, which hold respectively 16% and 19% of the company. Olivier Roux succeeds Alain Redheuil, who will join the Group’s Board of Directors, which will be chaired by Gerd Siekmann. TowerBrook and Investcorp, together with Gerd Siekmann, Olivier Roux and the management team, will now implement their growth plan for Autodistribution, building on its leading positions in France as well as its international footprint. With a shored‐up balance sheet, Autodistribution now has access to €110 million of capital brought in by the new shareholders to finance the Group’s activity, with a further €50 million to finance potential acquisitions.
With the support of the Group’s teams, Olivier Roux and Gerd Siekmann will leverage their extensive experience of the automotive sector to continue developing Autodistribution for the benefit of its clients, employees, suppliers and partners. Karim Saddi, a Managing Director at TowerBrook, said : ” We are pleased to have succeeded in rapidly implementing the previously signed agreement. With a sound balance sheet and the support of its new shareholders, Autodistribution has the means to pursue its development and consolidate its leading position. ”
Yves Alexandre, Managing Director at Investcorp, said: ” We are delighted to be working with Autodistribution, its employees and its partners, as we have been for the last three years, and we thank all those who allowed us to complete this transaction successfully, providing the Group with the new means to pursue its growth. ” Olivier Roux, Chief Executive Officer added: ” The dynamics created by our shareholders and teams are a major asset for Autodistribution that allows us to envisage a promising future for our Group and all its partners. ”
About the Autodistribution Group
The Autodistribution Group is a French and European leader in the independent distribution of car and HGV parts. Alongside its distribution activities, the Autodistribution Group is also the number one independent car and HGV repairer via its brands Garage AD and Garage AD Expert, AutoPrimo, Staff Auto, Auto Service AD, Carrosserie AD, Centre Technique Automobile and HGV repairer with its AD PL Garages and Outlets. The Autodistribution Group was established in 1962, employs a staff of 6,500 and is projected a turnover of 1.1 billion euros in 2008. The company is also active in Poland, through its AD Polska subsidiary and Italy via its Parts Distribuzione Italia subsidiary, and holds minority interests in businesses in the Netherlands and Morocco.
About de TowerBrook
TowerBrook Capital Partners L.P., its subsidiaries and its funds (TowerBrook) are an investment company managing approximately 5 billion dollars. Established in Europe and the United States of America, TowerBrook focuses on investment operations relating to European and North American companies. The group focuses on investments in medium or large companies, enabling it to take control and go into partnership with experienced management teams generally in quite complex situations. Further information is available at www.towerbrook.com
About Investcorp
Founded in 1982, Investcorp is one of the largest financial institutions with more than 13 billion euros of shares as of 31 December 2008. Investcorp is located in London, New York and Bahrain and is quoted on the London Stock Exchange (IVC) and the Bahrain Stock exchange (INVCORP). Investcorp is active in five areas: private equity, hedge funds, property investment, investment in new technologies and "Capital Growth in the Gulf States". Further information is available at www.investcorp.com.
Press contact:
- Autodistribution Bleu Ciel Nathalie Dunoir - Tel : 00 33 4 91 19 16 16 This e-mail address is being protected from spambots. You need JavaScript enabled to view it
- DGM Conseil Christian d'Oléon This e-mail address is being protected from spambots. You need JavaScript enabled to view it Tarick Dali This e-mail address is being protected from spambots. You need JavaScript enabled to view it + 33 1 40 70 11 89
- Press contacts Investcorp Image 7 Tiphaine Hecketsweiler, This e-mail address is being protected from spambots. You need JavaScript enabled to view it Priscille Reneaume, This e-mail address is being protected from spambots. You need JavaScript enabled to view it + 33 1 53 70 74 95
- Press contacts TowerBrook Brunswick Group Jérôme Biscay This e-mail address is being protected from spambots. You need JavaScript enabled to view it + 33 1 53 96 83 83
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