LONDON / MILAN, March 10, 2017 - Bain Capital Private Equity (“Bain Capital”), one of the world’s largest private equity funds, today announced that it has signed the definitive contract to acquire Fintyre, the leading distributor of replacement tyres in Italy. The acquisition is an investment from Bain Capital’s Europe IV fund. The transaction will close once all the necessary conditions are met.
Fintyre is among the leading distributors of replacement tyres in Europe and one of the few in the world that covers a comprehensive range of vehicles. The company operates across the wholesale and retail value chain through 11 warehouses and 36 retail outlets across Italy. In 2016, Fintyre generated sales of approximately €400 million to more than 15,000 customers. The company is led by a highly-experienced management team that has grown the business in recent years both organically and through acquisitions, consolidating its position as domestic market leader. The team is headed by CEO Mauro Pessi, an industry veteran with a long-standing track record.
Bain Capital is partnering with the CEO and the management team to pursue a growth strategy to become the wholesale and retail leader in Italy and Europe. GSO Capital Partners (Blackstone Group), the sole investor in Fintyre’s existing unitranche bonds, will support the company’s development plan through a unitranche bond issue.
“Fintyre has enjoyed strong growth over recent years,” said Fintyre CEO Mauro Pessi. “I am delighted that Bain Capital will be partnering with us in the next phase of our ambitious growth plans. Bain Capital has a deep understanding of the distribution and automotive sectors gained through previous investments in Europe.”
“Fintyre is the unchallenged leader in the distribution of replacement tyres in Italy and is led by an experienced CEO and management team,” said Ivano Sessa, managing director of Bain Capital Private Equity. “We believe that the company has substantial growth potential both organically and through consolidation in a fragmented Italian and European tyres distribution market. We are excited by the opportunity to partner with Fintyre’s team and contribute to the success story of this company, leveraging on our experience in the distribution sector from deals such as Autodistribution, IMCD, Brenntag and Brakes. We decided to acquire Fintyre to support its development from Italian leader to a European champion.”
The financial and legal advisers on this deal are: Gattai, Minoli, Agostinelli & Partners, Kirkland & Ellis, Pirola, Pennuto Zei & Associati and PWC for the acquirer; Rothschild, Deloitte and Gianni, Origoni, Grippo, Capelli & Partners for the seller.
About Fintyre (www.fintyre.it)
Established in Empoli in the 1970s as Pneuservice, Fintyre (name acquired in 2008) is headquartered in Seriate (Bergamo) and has experienced an acceleration in growth from the early 2000s.
With 6.3 million tyres distributed in 2016, 11 warehouses that serve the entire country, a product range that includes all the best brands and covers all market segments (cars, trucks, motorcycles, industrial and agricultural vehicles), Fintyre is the no. 1 operator in Italy and one of the top players in Europe in the distribution of replacement tyres. In 2016, the company generated sales of approximately € 400 million, due in part to two acquisitions finalized last year.
About Bain Capital Private Equity (www.baincapitalprivatequity.com)
Bain Capital Private Equity is one of the world’s largest private equity funds with a long-standing experience of investments in Italy such as Teamsystem, Lince, Cerved and Mercury (holding company of Istituto Centrale Banche Popolari, CartaSi and Mercury Payment).
Bain Capital Private Equity has partnered closely with management teams to provide the strategic resources that build great companies and help them thrive since our founding in 1984. Our global team of approximately 220 investment professionals creates value for our portfolio companies through our global platform and depth of expertise in key vertical industries including consumer/retail, financial and business services, healthcare, industrials, and technology, media and telecommunications. In addition to private equity, Bain Capital invests across asset classes including credit, public equity and venture capital, and leverages the firm’s shared platform to capture opportunities in strategic areas of focus.