Metair to acquire troubled AutoZone chain
Metair is set to acquire the entire issued share capital of AutoZone Holdings.
The JSE-listed Metair is a manufacturer, distributor and retailer of automotive components and energy storage solutions.
AutoZone is a privately-owned distributor of automotive parts, spares and car accessories in South Africa, with 169 retail stores and seven QSV stores, with the latter focused on the automotive wholesale business.
AutoZone entered business rescue on July 1, with the appointed business rescue practitioners authorised to conclude the acquisition on behalf of the troubled business.
“This acquisition of AutoZone presents a unique opportunity to expand and diversify Metair’s exposure to the aftermarket parts supply chain on the African continent,” says Metair CEO Paul O’Flaherty.
“AutoZone is a well-known player in the Southern African automotive aftermarket with an established distribution channel through which to complement and extend the Metair group’s reach.”
Metair says AutoZone’s normalised management accounts reflect that as at July 1, net assets (excluding liabilities that are subject to the business rescue plan) totalled roughly R485-million. This included net working capital of R421-million.
Metair adds that a maximum of R290-million, payable in cash, will be used to settle AutoZone creditor and lender claims in line with AutoZone’s business rescue plan; to acquire the sale shares for a nominal amount; and to fund R75-million in working capital requirements.
The transaction, which does not require shareholder approval, is subject to the competition authorities approving the transaction; Metair’s lenders consenting to the transaction; and counter-parties to certain AutoZone contracts consenting to the transaction.
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