Business
Exxe Group Inc. Acquires Profitable E-Commerce Business
Exxe Group Inc. Acquires Profitable E-Commerce Business.
About this update from Exxe Group Inc.
[{"type":"text","content":"\n NEW YORK, Feb. 13, 2020 (GLOBE NEWSWIRE) -- Exxe Group, Inc. (OTC PINK: AXXA), a diversified company focused on synergistic acquisitions in real estate, sustainable technology, media, financial services and agribusiness, announced today that it has acquired a controlling interest in Mein Motor, a highly profitable, specialized engine repair company based in Germany with headquarters in Switzerland.  Mein Motor, which is projected to generate over 2 million euro in revenue and nearly 800,000 euro in EBIT this year, is valued at 8 million dollars.  This transaction is a terrific complement to Exxe Group’s car parts business and dovetails with the Company’s sustainable technology vertical. Furthermore, this business line has proven to be recession-proof and serves as a key example of current consumer automobile ownership and repair trends. Acquisition Overview Mein Motors provides engine overhaul and repair at reasonable prices for more than a dozen popular and high end automotive brands including BMW, Mercedes Benz, Audi, Porsche and more. Mein Motor possesses unique expertise to repair engines for supercars such as Bugatti, Lamborghini, Ferrari, and others. With their exclusive focus in this arena, the company provides swift turn-around times and generates high operating margins. When an independent or authorized repair shop cannot replace or overhaul an engine, which is often a major undertaking, Mein Motors collects the defective motors from the shop and returns the fully overhauled replacement. This can often be completed and shipped back to the shop in the same amount of time as a replacement engine is shipped but at a fraction of the cost. According to Mein Motor, the overhauled engine is of the same quality of a new engine.  Considering car owners hold onto their vehicles longer (average age of vehicles is 11.4 years according to RL Polk) and drive greater distances, procuring an overhaul engine is a natural evolution of car ownership these days. Each overhaul costs roughly 3000 euros and due to its unusual automated e-commerce back-end and its in-house repair processes, the scalability opportunity in additional European markets such as France and Spain is high---an estimated 1 million engines annually.  Management also sees an untapped opportunity in the commercial truck, construction equ...