Lazard exits Australian auto parts business Midas to Metcash

The value of the transaction was not disclosed. The existing Midas management team will remain in place, led by CEO Glenn Jarrett.

Midas specializes in car servicing, brakes, suspension and exhausts. The company opened its first outlet in Tasmania in 1976 and has since grown to 88 sites nationwide - a mix of company and franchise-owned stores - offering a fully integrated automotive servicing business.

Lazard Private Equity, then known as Carnegie, Wylie & Co, invested in Midas in March 2008. According to the Lazard website, it became a secured lender to the company alongside John Fletcher, former CEO of Coles Group.

Midas placed itself into administration later the same year and, in 2009, Tim Hickey, a former senior executive with Yum Brands, led a management buyout and restructuring funded by equity provided by Lazard and Fletcher.

"The Metcash acquisition will help support and grow the Midas brand in Australia. Joining the Metcash Automotive Group is a very positive development for the company, our staff and customers," Jarrett said in a statement.

Metash's current automotive brands include Autobarn, AutoPro, CarParts, ABS, Brake Friction Technology, ATAP, Garrmax, IBS Auto Parts and MCB.

The hardware and automotive division saw sales increase 12.6% to A$938.4 million ($878.3 million) in 2013, largely due to the acquisition of ABG, which comprises the Autobarn, Autopro and Car Parts businesses. EBITA rose 70.8% year-on-year to A$36.2 million.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• Exits
• Consumer
• Australasia
• Exit
• Trade sale
• Lazard Australia Private Equity
• automobiles
• Australia