Global Alternative Asset Manager The Carlyle Group (NASDAQ: CG) and Old Mutual Private Equity today announced that they have agreed to acquire 100% of South African tyre retailer and wholesaler Tiger Automotive (TiAuto) from Ethos Private Equity and the founders. Funding for this investment will come from the Carlyle Sub-Saharan Africa Fund and Old Mutual Private Equity Fund IV, and TiAuto founders will also re-invest equity in the company. The transaction is expected to close in early 2015, subject to regulatory approvals.
TiAuto, which operates the iconic “Tiger Wheel & Tyre” brand as well as the new “Tyres & More” retail store format, is a retail and wholesale distributor of primarily automotive tyres from major global manufacturers such as Continental, Yokohama, Michelin, Pirelli, Goodyear, Achilles, GT Radial and Hankook. The company also distributes alloy wheels, automotive batteries and other auto parts and offers related fitment services. Established in 1967 by Eddie Keizan and Keith Rivers, the company currently has 104 owned and franchised stores across Southern Africa and employs over 1,500 people.