Bain-backed Fintyre Germany for sale in insolvency proceedings

The insolvency came about due to insufficient integration of a number of add-on acquisitions and the lack of sales in December and January, according to a statement.

Miguel Grosser of Jaffé Rechtsanwälte has been appointed as provisional insolvency administrator. PwC has been appointed as M&A adviser, with a team led by partner Timo Klees and senior manager Fabian Dalka.

A structured international sale process has been initiated in consultation with the company's creditors committee. The company may be sold as a whole or in individual parts.

Fintyre Germany filed for insolvency with Frankfurt's district court on 12 February 2020, according to a filing.

Three of the companies in the group previously filed for insolvency in February 2020, as reported by Unquote.

Bain bought a 90% stake in Italy-based Fintyre in March 2017 via Bain Capital Europe IV, which held a final close in October 2014 on €3.5bn. The GP secured a debt package from Blackstone's credit arm, GSO Capital Partners, and a rolling credit facility from HSBC. The GP used the Italy-based company to begin building a London-headquartered network of European tyre distribution companies known as European Fintyre Distribution.

Fintyre began building its German platform via the acquisition of formerly family-owned distribution company Reiff Group's tyres and automotive technology group, the now-insolvent Reiff Reifen und Autotechnik, in June 2017.

Fintyre Germany consists of 11 B2B, e-commerce and retail businesses, according to its website. It reported turnover of €644m in 2018 and has 1,300 employees, according to its website. The European Fintyre Group has operations in Italy and France, and the group as a whole reported 2018 turnover of €1.1bn, according to its website. It employs 2,000 staff in total.

Bain declined to comment.

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