South African engineering giant Dorbyl has concluded the sale of its 74% share of Midas, a leading chain of aftermarket parts and service providers, to a management consortium backed by Absa, one of the country’s big four banks, in a deal worth $US11.3 million.
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This follows the recent acquisition by transport and logistics leader Super Group, of the Spares Link chain of franchise operations and is seen by observers as the beginning of an overdue shakeup in the overtraded parts market.
Clidet, the vehicle through which the management buyout has been facilitated, will make an offer to minority shareholders.
Current Midas chief executive officer Gordon Odgers is part of the management consortium which will control Clidet.
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