Michelin has acquired the Meyer Lissendorf Group, a car tyre wholesale specialist based in Germany. The acquisition is still subject to clearance by the German and Austrian competition authorities. The parties agreed not to disclose further details.
A team from CMS Germany headed by lead partner Dr Oliver Wolfgramm advised Michelin on all aspects of the transaction. The lawyers involved are members of the CMS M&A Automotive cluster of excellence. The deal is part of Michelin's strategy to strengthen its access to the European market.
Michelin is one of the world’s leading tyre companies. Headquartered in Clermont-Ferrand, France, Michelin is present in more than 170 countries, has 112,300 employees and operates 68 production plants in 17 different countries. The company manufactures and markets tyres for every type of vehicle, including aircraft, cars, bicycles/motorcycles, earthmovers, farm equipment and trucks. It also offers electronic mobility support services and publishes travel guides, hotel and restaurant guides, maps and road atlases.
The Meyer Lissendorf Group is headquartered in Gönnersdorf, near Cologne, and generated sales of EUR 57 million in 2014 with approximately 90 employees. The Group has built up a dynamic distribution network of specialist dealers and independent repair shops. It also offers a range of tyres to wholesalers that focus on spare parts and has developed a mounted wheel assembly business for car manufacturers' networks.
