Spectrum Corporate Finance has successfully advised the founder and owner of Tructyre Fleet Management (Tructyre), the well-known truck tyre supplier and service provider with 26 service centres across the UK, on the strategic sale to Michelin Group.
Founding director Glenn Sherwood had been looking for a strategic partner for Tructyre to offer strong forward backing, sustainable growth and eventually an exit strategy for himself from the business within the next few years. Spectrum acted as lead advisor completing a thorough marketing and sales process, with Michelin Group being chosen as the preferred partner.
Spectrum advised Glenn through the structuring of the deal and project managed the process. This culminated in a smooth and successful transaction within the desired timeframe and delivered an excellent outcome.
Michelin Group have been exploring opportunities to invest in a business that can support their drive to increase their presence in the regional commercial business sector. Tructyre presented an ideal opportunity and Michelin plan to continue to develop the Tructyre service brands and run the business as part of a ‘strategic alliance’ with ATS Euromaster Ltd.
This strategic alliance brings together two of the leading, multi-brand commercial tyre service companies. They are both as committed as ever to delivering an excellent service to their customers.
“Our 2020 vision and business plan was probably the most important decision we had made since the acquisition of PK Commercial tyres some 5 years ago. For me, it was important to have good advisors that understood our business and what we were trying to achieve, and the Spectrum team ticked all the boxes. The outcome and success of this project could not have been achieved without Darren's sound advice and the support of the Spectrum team.”Glenn Sherwood, Founder, Tructyre