Swiss group SAG buys majority stake in Romanian automotive distribution group
The Swiss Automotive Group (SAG) has bought a majority stake in Romanian Autonet group, an independent automotive spare parts distributor active in Romania and Hungary. The financial terms of the deal haven’t been disclosed.
Autonet thus aims to strengthen its leading position in the Romanian market and to continue its strong growth in Hungary, according to an announcement of the group.
“We are looking at this alliance with confidence, as it should result in an entity with a dimension comparable to that of big European players in this sector,” said Mihály Lieb, one of Autonet’s shareholders. Autonet’s other major shareholder is Zoltan Kondor.
The Autonet group will continue to operate under its brand names that are well-known in Eastern Europe: Autonet, Lubexpert, Forsius, Garage Assist and Network Systems. The group’s management team will maintain their current positions, SAG announced.
SAG will control 51% of Autonet while the company’s founding shareholders will keep a 49% stake for the long term and continue working with the management team. Moreover, the two groups will operate independently in their existing markets.
Autonet group has about 1,500 employees and an annual turnover of more than EUR 270 million. The group has operations in Romania, Hungary, Slovenia, and Slovakia.
SAG has an annual turnover of CHF 500 million (EUR 460 million) and operates in Switzerland, Austria, Slovenia, and Belgium, via independent subsidiaries. The group is owned by two Swiss families and is managed by their representatives, Sandro Piffaretti (CEO) and Olivier Métraux (Chairman of the Board).
Both SAG and Autonet are part of the same trading cooperation for automotive spare parts, ATR International.
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