Essen/Heusenstamm, 30.07.2010

PV Automotive takes over Pit-Stop

The car service chain will be transformed in the medium term into a franchise system consisting of 400 independent establishments. The Pit-Stop brand name, which is well-known across Germany, will continue to be used.

Essen-based PV Automotive, one of the leading trade and service companies for independent automotive repair shops in Germany, is taking over the Pit-Stop chain from investment company bluO. Both parties agreed not to disclose the purchase price. PV Automotive will give the Pit-Stop branches, and their roughly 1,400 employees, a new corporate habitat: established as owner-operated workshops on a franchise basis. In the medium term, 400 commercially operated businesses are to arise from a chain with around 400 subsidiaries. They will profit from the long-standing experience of PV Automotive as the partner of thousands of independent repair shops in Germany. Its services include a full assortment of original-quality vehicle parts, intelligent logistics and system solutions for independent repair shops.

“Car servicing and repairs have developed into complex services in recent years, which must primarily be performed locally and tailored to individual customer requirements,” explains Stephen Rahmede, CEO of PV Automotive GmbH. “With the realignment of Pit-Stop on a franchise basis, we will encourage this local entrepreneurship, while simultaneously increasing the quality standards of the businesses across the board and contributing to further professionalization of the whole branch. We thereby strengthen auto repair in Germany.” With the acquisition of Pit-Stop, PV Automotive can supplement its system offers with another strong brand and ensure a greater share of the market for vehicle parts.

PV Automotive considers the purchase to be a strategic investment and will transfer the roughly 400 Pit-Stop establishments to local entrepreneurs in the medium term. In the future, the new owners will operate the businesses locally and independently but under a unified, nationally-recognized brand name. They will receive central support from PV Automotive. In addition to a full assortment of original-quality replacement parts, the company will provide professional services for optimal operation and organization, financing, and training of employees as well as marketing. The result is an increased quality of servicing and repairs for the individual businesses. In combination with the increased orientation towards local needs, PV Automotive wants to improve the turnover and profit situation in the individual businesses and secure jobs. In addition, the franchise holders profit from a favorable market environment that was just strengthened by a new ordinance of the European Commission in June 2010.

“With its long-standing experience in the business of independent repair shops, PV Automotive is the right partner to lead Pit-Stop into a successful future,” says Peter Löw, partner at bluO. “The brand will continue to successively develop in the hands of a company that knows the market and its needs.”

With its currently existing workshop systems AUTOPROFI and AUTOFIT as well as offers like meinewerkstatt.de, PV Automotive has continually showed that it can serve the needs of the independent repair shop market with tailor-made solutions. PV Automotive is the partner of thousands of independent repair shops throughout Germany. “We are convinced that Pit-Stop will become another corporate success story for our company.”

About PV Automotive:
With over €350 million yearly turnover and roughly 1,600 employees at 90 locations, PV Automotive GmbH, headquartered in Essen, is one of the leading companies in the independent trade of vehicle parts in Germany. In addition to a full assortment of vehicle parts, its range of offerings also includes equipment for automotive repair shops as well as services and workshop systems for independent repair shops. These systems include AUTOFIT and AUTOPROFI as well as the online search portal meinewerkstatt.de. PV Automotive was founded in 1922 and is managed by a fourth generation of the family business. More information at www.pvautomotive.de.

About Pit-Stop:
Pit-Stop is one of the biggest repair shop chains in Germany and has over 400 branches nation-wide. The chain celebrates its 40th anniversary this year and employs about 1,400 mechanics, mechatronic engineers and master mechanics. In 2009, Pit-Stop achieved a turnover of €120 million. Pit-Stop offers its customers all automotive services, from checking the tail pipe to repairing the windshield. All workshops are authorized automotive repair shops. Repairs are performed strictly in accordance with manufacturer’s instructions – the manufacturer’s guarantee thus remains completely unscathed. Daily inspections can also be carried out at Pit-Stop by authorized testing organizations. More information at www.pitstop.de.

About bluO:
bluO is an investment fund focused on the realignment and restructuring of subsidiaries and medium-sized companies. bluO’s goal is to lead the acquired companies to sustainable positive results and solid growth. More information at www.blu-o.eu.