Torex Retail taken over by Cerberus Investments
Cerberus European Investments LLC announced the purchase of all of the businesses and trading subsidiaries of Torex Retail, through Torex Retail Holdings Limited an acquisition vehicle owned by Cerberus, following the process announced previously by Torex Retail PLC.
The businesses have been acquired for £204.4 million (€303.8 million) in addition to which Torex has assumed associated subsidiary company liabilities. The transaction was completed on Tuesday 19th June 2007. The businesses include all of the subsidiary companies globally, including the Retail, Hospitality and Petrol and Convenience Divisions. The transaction will enable Torex to advance its strategic objectives, consolidate, grow and reposition itself as the leading global independent supplier of retail software solutions. This enables Torex to move beyond issues that have impacted the former holding company, which is not being acquired. Torex management will focus on solution development, business integration, and drive quality of service that ensures customer satisfaction.
Torex Chairman and CEO, Michael Greenough said, "We are delighted with today´s announcement and the strong financial foundation that will enable Torex to pursue its strategy. Torex has a tremendous product suite, world class customers and a global footprint, and we are excited about focusing on our future opportunities. We remain committed to our customers and continuing to build lasting relationships with them, as we work to enhance value for all of our stake holders."
UK General Retail Divisional Managing Director, Doug Hargrove said, "I am delighted that the financial future of Torex has been secured and that the new owner has a longterm commitment and operational expertise. There has never been a doubt about the quality of Torex´ product base or our commitment to our strong customer relationships, and this change of ownership will enable us to genuinely integrate the businesses and build on our already leading market position." (www.petrolplaza.com)
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