Fleets are being reassured that it is 'business as usual' following the sale of Kwik-Fit Group.
PAI Partners, current owner of Kwik-Fit, agreed the sale of all shares in the business to Itochu Corporation on March 3, in a transaction valued at £637 million.
Kwik-Fit says that following the sale agreement it is ‘business as usual’ for fleet and retail customers across its network in the UK as well as in the Netherlands and France where the company also operates.
The agreement signals an extension of Itochu’s UK interests as it already operates Stapleton’s Tyre Services, which has a network of over 100 centres and a substantial tyre wholesaling operation.
Itochu, one of the leading Japanese trading corporations with interests ranging from textiles and machinery to aerospace, electronics and energy, also operates a number of other tyre-related businesses globally.
The agreement, which is subject to approval by the European Competition Authorities and successful completion of the consultation process with French Works Council.
Ian Fraser, chief executive of Kwik-Fit said: “It has been a pleasure working with PAI Partners over the years. Their support has been an important factor in our continuing success. We now look forward with enthusiasm to our partnership with Itochu and the next stage of Kwik-Fit’s development.
“Despite challenging economic conditions Kwik-Fit has continued to increase sales and deliver strong operating profits and with the financial strength and synergies of its new owners Itochu, is well positioned for further growth.”