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Kwik-Fit Group has been bought by the Japanese Itochu Corporation in a deal that values the UK's leading fast-fit operation at £637m.
Kwik-Fit Fleet has won the BusinessCar Fast-Fit Award 18 times, and has 676 service centres and 200 mobile fitting vans in the UK, as well as businesses in France and the Netherlands.
Itochu operates in 74 countries, has a £25bn turnover, and already owns UK-based wholesaler Stapleton's Tyre Services, which it intends to run as a complementary business. It also has various other tyre businesses globally.
Previous owners, private equity firm PAI Partners, bought the company for £800m in 2005, and had also reportedly been attracting interest from the American owner of daily rental company Hertz.
Kwik-Fit's chairman Ian Fraser will stay in command. "Despite challenging economic conditions Kwik-Fit has continued to increase sales and deliver strong operating profits and with the financial strength and synergies of its new owners Itochu, is well positioned for further growth," he said.
The agreement is subject to European Competition Authorities approval
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