BREAKING NEWS, Business
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Mauritius based MCB Equity Fund has successfully exited Speedy, a leading automotive fast-fit services in France
MAURITIUS based MCB Equity Fund has successfully exited Speedy, a leading automotive fast-fit services in France. Bridgestone EMEA, a subsidiary of the Tokyo-based Bridgestone Corporation, the world’s largest manufacturer of tyre and rubber products, has acquired 100 percent of Speedy, subject to approval by the French regulatory authorities.
Bridgestone will retain the current management team and staff and is expected to use the Speedy platform to expand its European business.
In 2011, MCB Group, a leading banking and financial services provider in East Africa, financed the acquisition of Speedy, a leveraged management buyout transaction, in a blend of debt and equity through its ever green private equity fund, MCB Equity Fund Limited, and its banking arm, MCB Limited.
Since then, the management team has further consolidated Speedy’s market position by building on its network of repair centres, a growing fleet business and customer base, its innovative and client-orientated culture and an enhanced brand image. Today, the company has 480 repair centres across France, half of which are franchisees. Speedy sold 1.2 million tyres last year, accounting for 4.5 percent of the French market.
The seller was advised by MCB Capital Markets (Selvinah Vydelingum, Rony Lam and Joël Lambert) and Raphaël Financial Advisory.
Pierre Guy Noël, chief executive, MCB Group: “This transaction demonstrates MCB’s ability to support complex cross-border transactions and adds to the growing credentials of our Private Equity, advisory and International Banking teams.”
Raoul Gufflet, deputy chief executive, MCB Limited: “This transaction has the merit of bringing a set of pluridisciplinary competences across the MCB Group, from structured financing to corporate advisory and investment banking.”
Joël Lambert, member of the MCB Capital Markets deal team, said: “This deal demonstrates the ability of MCB Group to structure and execute a leveraged management buy-out in a challenging environment and exit to world class organisations.”
— Jun 1, 2016 @ 19:00 GMT
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