Delticom AG Acquires Majority Stake In Tyrepac
Europe's #1 online tyre dealer acquires a majority stake in Asia's first tyre portal.
- (1888PressRelease) December 14, 2010 - Delticom AG, Europe's leading online tyre retailer and Tyrepac Pte Ltd, Asia's First Tyre Portal, today announced the acquisition of a majority stake in Tyrepac Pte Ltd, Asia's First Tyre Portal, for an undisclosed amount in cash. The transaction is structured as a capital increase at Tyrepac.
Tyrepac provides consumers in Asia a central platform to buy tyres online. The webshops allow easy comparison of tyre brands, patterns, and prices. In addition, the company operates a growing network of service partners who stand ready to fit the tyres. Since its foundation in 2008, Tyrepac has expanded into Malaysia, Hong Kong, China, and South Korea. "The acquisition is a landmark development for our customers, partners, and the team. We are excited to be part of the Delticom Group", says Ler Hwee Tiong, co-founder and Managing Director of Tyrepac.
Delticom AG currently operates more than 100 online shops in Europe, US and Canada. "The transaction is an important building block in our long-term Asian strategy", says Rainer Binder, CEO of Delticom. Starting from Tyrepac's credible brand and proven track record, the joint venture will help Delticom to reach into new high-growth, emerging markets.
"For Tyrepac, the cash inflow paves the way for accelerated growth", explains Frank Schuhardt, CFO of Delticom and member of Tyrepac's Executive Committee. Further support for expansion plans will also come from the strong Delticom balance sheet. Tyrepac is expected to benefit from the parent company's operational experience, but will retain its localised go-to-market approach. Over the course of the next months, both teams are going to work closely together to integrate their systems and processes.
About Delticom
Delticom is Europe's #1 online tyre retailer. Founded in 1999, the Hanover-based company operates more than 100 online shops in 35 countries and has served more than 4,000,000 customers so far. The company offers a wide range of products for private and business customers: over 100 tyre brands for cars, motorcycles, commercial vehicles and buses, but also complete wheels, motor oil, replacement parts and accessories. The products are delivered to any address the customer chooses. Alternatively, Delticom delivers the tyres to one of more than 25,000 service partners worldwide for professional fitting directly on to the customer's vehicle.
Delticom is listed on the German Stock Exchange (ISIN DE0005146807, ticker symbol DEX). As of December 2010, market capitalisation stands at approximately EUR 750 million (S$ 1,300 million). The company is expected to end the 2010 fiscal year with revenues totalling more than EUR 400 million (S$ 700 million), an growth of around 30% year-on-year (2009: EUR 311 million, S$ 540 million).
About Tyrepac
Tyrepac was founded in Singapore in 2008, and is Asia's first tyre retailing portal. Now operating in several Asian countries, Tyrepac offers a comprehensive range of car and motorcycle tyres, transparent pricing, convenience from more than 2000 service partners in Asia, and a wide variety of product information and other customer education. In Singapore, consumers can also have tyres fitted at the comfort of their home, via its mobile fitting service. Tyrepac also offers quotation for batteries, automotive insurance, and servicing packages in collaboration with its service partners.
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