Hella is to sell Norwegian wholesale company, Hellanor and complete the sale of the wholesale business.
Hellanor will be transferred to Aurelius Equity Opportunities, although the parties are not disclosing the price. The transaction is still subject to approval by the relevant anti-trust authorities, with assent expected by the end of the year.
“With the completed withdrawal from the wholesale business, we are advancing the realignment of our aftermarket,” said Hella Aftermarket and Special Applications segments, MD, Werner Benade.
“In the future, we will align our product portfolio even more strongly along our original equipment competencies, especially in the areas of lighting and electronics while linking it to our strong workshop equipment expertise.
“Above all, we will continue to expand our successful repair solutions business and take advantage of new growth opportunities arising from the digitalisation and increasing interconnectedness of vehicles.”
Hella has already sold Danish and Polish wholesale companies, FTZ and Inter-Team to Swedish wholesaler, Mekonomen in September.
Hellanor currently employs around 250 people and generated sales of around EUR70m (US$78.6m) in the past 2017/2018 fiscal year.
The transaction is being conducted with the assistance of Jefferies Financial Group (Financial Advisor), Freshfields Bruckhaus Deringer (Legal Advisor) and Ebner Stolz (Financial and Tax Due Diligence).
