Delticom AG acquires majority stake in Tyrepac
Official Press Release from Tyrepac
Singapore, 13th December, 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.
