Swiss Automotive Group acquires 51% stake in Autonet Group Holding
Car parts distributor Swiss Automotive Group (SAG) has acquired a 51% stake in peer Autonet Group Holding, Autonet told Hungarian news agency MTI yesterday. Autonetʼs founding owners, Mihály Lieb and Zoltán Kondor, continue to hold 49% of Autonet shares.
SAG and Autonet are now active together in seven countries including Hungary, Romania, Slovenia, Slovakia, Switzerland, Austria and Belgium although both SAG and Autonet continue to operate independently under their own names.
Lieb said the resulting new international group is projected to have revenue of more than €1 billion in the coming years.
Lieb added that Autonet will continue to serve business customers only.
Autonetʼs Hungarian unit, Autonet Import distributes car parts, lubricants, tires, automotive supplies and workshop equipment to car parts retailers and car service workshops.
It had revenue of more than €33 million in 2014 and projects revenue of €45.3 mln this year.
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