Mobivia Groupe, Europe’s largest independent automotive maintenance and repair services group, has executed a definitive agreement to acquire A.T.U Auto-Teile-Unger (“A.T.U”), the German automotive services market leader. Once completed, the proposed transaction will reaffirm Mobivia Groupe as the largest automotive maintenance and repair chain in Europe, with close to 2,000 automotive workshops and retail stores, over 20,000 employees, and projected combined annual sales of approximately EUR 2.7 billion.
A.T.U operates 577 auto centres in Germany, 25 in Austria, and six in Switzerland. In its financial year ended on 30 June 2016, A.T.U had sales of approximately EUR 1 billion. A.T.U will continue to operate in the German market as an autonomous company under its own brand within Mobivia Groupe, and keep its headquarters in Weiden i.d. Oberpfalz, Germany.
A.T.U is currently owned by a group of international investors. Closing of the transaction, which is expected to occur by the end of 2016, is subject to the condition that A.T.U reaches long-term agreements with the main lessors of its premises on reducing rental payments to market levels. These rent reductions are a significant condition in returning A.T.U to sustainable and profitable growth, and management is in active negotiations with the lessors to this end. The transaction is also subject to approval from the appropriate competition authorities.
Olivier Mélis, President of the Board of Directors of Mobivia Groupe: “The acquisition of A.T.U is an outstanding opportunity for our Group”.
Jörn Werner, CEO of A.T.U: “Mobivia Groupe is an ideal strategic owner of A.T.U”.
Please fin more information in the press release here.