An investor consortium led by Tyrol Equity AG, an Austria-based industrial holding, has signed an agreement to sell a majority stake in BBS GmbH, a German manufacturer of high-performance alloy wheels, to NICE Holdings, a Korean industrial group. Tyrol Equity has stated that it will stay invested in BBS GmbH, and support its new partner NICE to realize a strategic growth path. The transaction is subject to relevant regulatory approvals and is expected to be completed within the next months. The parties have agreed not to disclose the transaction value.
BBS is a manufacturer of cast high-performance light alloy wheels for OEMs, high-end tuning companies as well as the independent aftermarket. Since its foundation back in the 1970s, BBS covers the entire value-added chain from melting to casting, flow-forming, machining and surface finishing. In 2014, BBS generated sales of €70m and maintained a workforce of approx. 430 employees.
“Since our entry in early 2012 we have worked intensively and successfully in reorganizing BBS’ operations and the implementation of a sustainable growth strategy. We would like to thank the management team and all the employees for their trust and great support. We are proud of what we have achieved and are convinced that NICE is the right partner to support the next major step for BBS, particularly in terms of strategy.” commented Dietmar Gstrein, member of the board of Tyrol Equity AG.
“Working with the BBS management over the last 3 years, Tyrol Equity has demonstrated great dedication and detailed business expertise in restructuring the business. For the company and for us personally as Managing Directors this was a fruitful period. We now look forward to working together with NICE as a new strong partner.” stated Jürgen Lohmann, CEO of BBS GmbH.
“We are very happy to be the new partner of BBS. We are convinced we will be able to build a great business success with BBS, and are confident that BBS provides NICE with a feasible chance to accomplish unprecedented business success in European markets. Additionally, we will make the best use of the stable financial structure of NICE Group and its strong network in Asia. We will provide the utmost support to BBS for continuous and sustainable growth through market penetration in Asian markets.” added Jin Dong-Hyun, general director of NICE Holdings.