Tructyre Fleet Management, the well known truck tyre supplier and service provider with 26 service centres across the UK, has been acquired by the Michelin Group. Legal advice to founding director and shareholder, Glenn Sherwood, was provided by Moore Blatch, which has completed over ¬£500 million of corporate transactions over the last 18 months. Corporate finance advice was provided to Glenn Sherwood by Spectrum Corporate Finance.
As part of Tructyre’s business plan, Glenn Sherwood had been looking for a strategic partner to offer strong forward looking, sustainable growth and an exit strategy eventually for him. At the same time, the Michelin Group had been exploring opportunities to invest in a business that could support its drive to increase its presence in the regional commercial business sector.
The deal enables the Tructyre service brands to be run and developed as part of a strategic alliance with ATS Euromaster. Glenn Sherwood commented: “This strategic alliance brings together two of the leading multi-brand commercial tyre service companies. Both are as committed as ever to delivering an excellent service to their customers. The Moore Blatch team has built a reputation for handling deals such as this, and their extensive experience made the whole process very straightforward.”
Roger Bailey, Partner and Head of Corporate, Moore Blatch, said: “We are delighted to have worked with Glenn and his team on this deal. It was clear from the start that Tructyre and the Michelin Group were a great fit and I and my team at Moore Blatch were delighted to have played such a pivotal role in facilitating what was a smooth and successful outcome.”