KKR ACQUIRES ATU FOR €1.45 BILLION
London, 30 June 2004: Kohlberg
Kravis Roberts & Co L.P. (“KKR”)
has announced that it has entered into a definitive
agreement to purchase 100% of the share capital
of A.T.U Auto-Teile-Unger Holding Aktiengesellschaft
(“ATU”), Germany’s leading
automotive car parts retailer and service centre
operator, for €1.45 billion. The transaction
is expected to close by the end of August 2004.
KKR has many years of automotive retailing
sector experience with its investment in Autozone,
the US listed car parts retailer, which under
KKR ownership from 1984 to 1997 grew its network
from 175 to 1,423 outlets and is now by far
the leading specialty car parts retailer in
the US. Since 1996, Autozone has been a successful
component of the S&P 500, the index of the
US’ 500 leading companies.
Johannes Huth, Managing Director of KKR, said:
“We are delighted to acquire this well
managed, innovative market leader and share
the Company’s vision of expanding its
national and international service network and
seizing other substantial growth opportunities
which lie ahead. We look forward to working
in partnership with management and employees
towards continued future success. Furthermore,
with the recent IPO of Wincor Nixdorf we have
shown that we can well prepare high growth,
market leading firms for a successful IPO, when
and if the time is right, through our patient
and consistent focus on long term value creation.
We intend to repeat this performance for ATU
within the next five to seven years.”
Werner Aichinger, CEO of ATU, said: “KKR,
with its long term track record of sustainable
value creation, is a strong partner with whom
we see a clear perspective for the further growth
of the Company. We look forward to building
the Company together, both nationally and internationally.”
About Kohlberg Kravis Roberts &
Co
KKR is one of the world’s leading private
equity firms. Its investment approach is focused
on investing in attractive businesses to implement
value creating strategies. Founded in 1976,
KKR has completed thirteen transactions in the
UK and Continental Europe since 1996. Its current
portfolio consists of more than 30 companies
based in the US, Canada, Germany, Austria, France
and the UK. Portfolio companies in Germany include
MTU Aero Engines, Demag Holding, Dynamit Nobel,
Tenovis, Wincor Nixdorf.
About ATU
Founded in 1985 and headquartered in Weiden
in der Oberpfalz, ATU is Germany’s leading,
independent car parts retailer and auto repair
centre operator with 461 branches (447 in Germany,
13 in Austria and one in Czech Republic). ATU
has more than 12, 000 employees. Its core business
is the retail sale of car parts and accessories
for all common car models and their immediate
fitting in its own workshops. All ATU businesses
are registered vehicle service centres with
qualified personnel. ATU sells a range of approximately
60,000 products. The product range consists,
in particular, of spare and replacement parts,
tyres, wheel rims, batteries, oil, seat covers
and other accessories and products such as bicycles
and motor scooters. ATU’s strategy is
to offer a first class service and ensure all
time availability of its parts in its branches.
For further information, please contact:
Penrose Financial
Gay Collins
+44 (020) 7786 4882
gayc@penrose.co.uk
Andrew Nicolls
+44 (020) 7786 4881
andrewn@penrose.co.uk
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