Autonet has closed a deal with Switzerland's Swiss Automotive Group for 51 percent shares

The shareholders of Autonet group of companies, the leading service provider on the Romanian automotive aftermarket, have closed a transaction with Swiss Automotive Group (SAG), one of the largest European independent provider of car parts. From here on, Autonet companies will be comprised within a holding, with SAG owning 51% of the shares, and the existing Autonet shareholders 49%. SAG and Autonet will continue to operate separately within their own markets.

Their joint coverage encompasses seven countries – Romania, Hungary, Slovenia, Slovakia, Switzerland, Austria and Belgium. The two companies are members of the same buying group, ATR International AG, one of the biggest associations of companies, with an estimated annual turnover of EUR 14 billion, for 2015.

“We are looking forward with confidence to this alliance, which will result in the emergence of an entity comparable by size with the largest European players within the field. Together with SAG, we will be able to consolidate our leading position in the Romanian market, as well as to accelerate our growth across the other markets – Hungary, Slovenia and Slovakia. Autonet and SAG are targeting a total turnover of one billion euro during the following years”, Mihály Lieb, shareholder at Autonet and member of the Supervisory Board at ATR International AG, has stated.

„Our common values, together with the similar business models, were keystones when deciding upon signing a deal with SAG. Thus, this alliance will not determine a change in Autonet’s business model and we will further address the current customer segment, providing it with an extended range of products and services. The group’s current shareholders, as well as the management, will remain involved, in the long run, in the day to day operations here at Autonet Group Holding,” added Mihály Lieb.

Autonet group of companies currently has 1,500 employees, and this alliance will allow it to build upon its position, as an important employer. The completion of the transaction is subject to receiving the necessary approvals from the competition authorities.