The Bridgestone Corporation (Bridgestone) is acquiring German tyre retail, wholesale and retreading company Reiff Reifen & Autotechnik GMBH (Reiff) in a deal for UK-based Fintyre Group. FinTyre acquired Reiff in August 2017, however, according to insolvency administrators Jaffé Lawyers, the Fintyre companies in Germany filed for bankruptcy in February and a number of tyre distribution companies that it controls in the country are now for sale.
Bridgestone expects to complete the acquisition of Reiff by June 1, subject to the pending approval of the relevant authorities. Financial terms were not disclosed.
Bridgestone is currently working to become a “mobility solutions leader” from its increased focus on “premium tyres, trusted mobility solutions and customer-centric retail networks.”The company has stepped up its retail activities in recent years with acquisitions and joint ventures across France, Germany, Spain and the UK. Of its latest acquisition, Bridgestone said Reiff exhibits “excellent reputation as a professional and trustworthy partner.”
“This deal will effectively support our existing trade partnership network and create new synergies,” Daniel Giroud, Chief sales officer, Bridgestone EMIA, which will oversee the operation of Reiff.
Based in Reutlingen city in Germany, Reiff has 42 retail stores under different brand labels, including Reiff, Netto and ABS as well as a tyre retreading plant in southern Germany.