Business
Acquisition of National
Acquisition of National.
About this update from Halfords Group Plc
[{"type":"text","content":"\n \n\n\nHalfords Group PLC (HFD)\n\n\n\nHalfords Group PLC: Acquisition of National01-Dec-2021 / 16:35 GMT/BSTDissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group.The issuer is solely responsible for the content of this announcement.\n\n\nTHIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND IS NOT AN OFFER OF SECURITIES IN ANY JURISDICTION.\n\nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION (EU) NO 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 \n\nFor immediate release\n\n \n\n1 December 2021\n\n \n\nHalfords Group PLC\n\n(\"Halfords\" or the \"Company\" and together with its subsidiaries, the \"Group\")\n\n \n\nAcquisition of National\n\nHalfords secures position as the UK's largest vehicle service, maintenance and repair business\n\n \n\nIntroduction\n\nHalfords, the UK's largest provider of Motoring and Cycling products and services, today announces that it has signed a sale and purchase agreement (the \"SPA\") to purchase the entire issued share capital of Axle Group Holdings Ltd (\"National\") (the \"Acquisition\") on a cash free, debt free basis, for total consideration of £62 million (the \"Consideration\"), subject to adjustment for normalised working capital. The Consideration will be paid in cash on the date of completion, which is expected to be 9 December 2021. A further investment of c.£17 million will be made post acquisition on associated capital expenditure and c.£2 million on integration costs.\n\nNational is a well-established business in the tyre and automotive servicing, maintenance and repair (\"SMR\") market, operating under the following brands: National Tyres and Autocare (\"NTA\"), Viking Wholesale Tyres (\"Viking\") and Tyre Shopper. On completion of the Acquisition, National will be integrated into Halfords' Autocentres business.\n\nThe directors of the Company (the \"Directors\") believe that the Acquisition is both strategically and financially compelling, delivering on Halfords' objective of evolving into a business more heavily weighted towards Motoring Services.\n\nHighlights of the Acquisition include:\n\nthe Acquisition accelerates Halfords' Motoring Services strategy surpassing its cu...