Michelin Completes Sascar Acquisition

Michelin’s acquisition of all outstanding shares in Brazilian digital fleet management and freight security firm Sascar Participações S.A. and its affiliated companies, which was first announced on June 9, has now been completed. The transaction has been approved by the Brazilian competition authority (CADE) and all other closing procedures were finalized on August 29.

Sascar has 870 employees and generated revenues of BRL 280 million (approximately $124 million) in 2013. Sascar manages 33,000 fleets and 190,000 trucks, and Michelin says the acquisition will enable it to expand its offering in the fleet management business and to speed the growth of its truck tire business in Brazil, while providing Sascar access to major customers in South America through Michelin’s distribution network.

The enterprise value of Sascar, which stands at BRL 1,600 million (approximately $712 million), includes the purchase price of BRL 1,353 million (approximately $602 million) and BRL 247 million (approximately $109 million) in debt.

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Discount Tire & Service Centers has a new sponsorship deal with the Los Angeles Angels for the 2024 season. Discount Tire said this partnership will not only benefit its customers with season-long promotions and giveaways but will also support local non-profits.

"We're thrilled to launch this strategic partnership with the Los Angeles Angels," said Sergio Andonian, president, Discount Tire & Service Centers. "As neighbors, from Anaheim, we are dedicated to serving our local communities and providing quality tire & automotive service at the most competitive prices. Together, we look forward to making a positive and lasting impact in the communities. Add baseball to the mix, and with this winning combination, the possibilities are endless."