Deal Announcement 06/20: Automotive

The Deal

The PwC M&A team is pleased to announce the successful sale of the operating business of REIFF Reifen und Autotechnik GmbH (“REIFF”) to Bridgestone EMIA (“Bridgestone”). With 42 points of sale and a retreading plant, REIFF is one of the leading car tyre retailers and servicers in the southern part of Germany. REIFF had to file for insolvency as it has been part of Fintyre Group, a Bain Capital asset, that was hurt by recent shifts in the tyre market. Miguel Grosser of Jaffé Rechtsanwälte Insolvenzverwalter (Jaffé) was appointed as (preliminary) insolvency administrator of REIFF and initiated a structured, international sale process which was led by PwC M&A and supported by PwC Business Recovery Services. In the course of the sale process the whole operating business of REIFF was acquired by Bridgestone. Additionally, all employees were taken over. The asset purchase agreement was signed in May 2020 and the transaction was closed in June 2020.

REIFF Reifen und Autotechnik GmbH

REIFF is a stationary tyre retail chain with 42 points of sale and a retreading plant, also offering comprehensive car services such as light mechanics, bodywork, window changes and repairs. It is headquartered in Reutlingen (Baden Wuerttemberg) and serves private and commercial customers with about 550 employees. Together with its brands ABS Autoservice and NETTO, REIFF has a strong footprint in Baden Wuerttemberg, Hesse and Bavaria.

Jaffé Rechtsanwälte Insolvenzverwalter

JAFFÉ Rechtsanwälte Insolvenzverwalter (Lawyers and Insolvency Administrators) is one of Germany’s leading insolvency firms. Its lawyers and insolvency administrators have been successfully upholding the interests of creditors and employees with a firm emphasis on keeping the company in business, maintaining jobs and satisfying creditors in the best possible way. They are supported by JAFFÉ Rechtsanwälte PartG mbB, an independent and highly specialized commercial law firm focusing on all aspects of national and international insolvency law, JAFFÉ’ s experience and skills can be seen by top ratings and reviews in JUVE, European Legal 500, INDat and IFLR. 

Bridgestone EMIA

Bridgestone in Europe, Russia, Middle East, India and Africa (EMIA) is part of the world’s largest tyre and rubber company. For almost 90 years, we've been providing the confidence to get people and goods where they need to go as conveniently as possible, without interruption.

Today, in a fast-changing world, we’re evolving to provide real solutions to the real problems our customers face. This is why Bridgestone EMIA is rapidly transforming from a premium tyre producer into a mobility solutions leader. We’re pioneering cutting-edge products and solutions with some of the industry’s most advanced factories, world-beating technologies and coveted partnerships. As our transformation journey continues, we’re working to shape the future of mobility.

PwC

The global PricewaterhouseCoopers network is a worldwide association of independent auditing and consulting companies which together employ more than 250,000 people in 158 countries. Our global network comprises nearly 1,550 M&A professionals all over the world, realising approx. 400 successful transactions per year. We specialise in a wide range of independent M&A services including advice on acquisitions and disposals, mergers, public takeovers, privatisations as well as structured financing.

The M&A process was led by Timo Klees (Partner) and Fabian Dalka (Senior Manager). The M&A team also included Felix Lenk (Senior Associate), Florian Middelkamp (Associate) and Luca Hannemann (Associate). A PwC Business Recovery Services team headed by André Bäcker (Partner) and Julia Kriegsmann (Senior Manager) supported the process.