As part of its ongoing growth strategy through acquisition, the publicly listed RPM Automotive Group (ASX:RPM) has completed its purchase of Victoria Wide Tyre Service with the company now trading as a group subsidiary.
RPM says it has retained the management and staff of Victoria Wide Tyre Service claiming it is a culturally and operationally aligned business.
The Victoria Wide Tyre Service subsidiary is expected to be immediately value and earnings per share accretive while also providing RPM with immediate cost-reduction synergies.
“We are pleased with the smooth transition of Victoria Wide Tyre Service into our repairs and roadside division and welcome their staff and management to the RPM Automotive Group,” RPM chief executive Clive Finkelstein says.
“There is good cultural alignment with our current operations that will begin to add value across the broader RPM network through the cross-selling of products and tyre brands to different customer bases, as well as cost synergies as a result of the scale achieved.
“We continue to examine other strategic opportunities to better service our customers, in line with our growth strategy, to become Australia’s leading automotive aftermarket business,” Finkelstein says.
Join the conversation