UPDATE It’s the first major exit for Berlin-based company builder Project A as online tire dealer Delticom buys rival Tirendo for about €50m.
Tirendo, founded in October 2011 by German private media group European Media Holding (EMH), sells tires, complete wheels and car accessories in eight markets in Europe. It apparently recorded a “mid-double digit million” turnover last year.
That’s modest compared to new owner Delticom, which claims six million customers in 42 countries and annual sales of about €500m. It’s not clear how the deal will affect Tirendo’s 100 or so employees but the intention is to keep the brand intact.
Project A – founded early last year by a group of ex-Rocket Internet employees – joined as an investor and partner in Tirendo in February 2012. Before the exit to Delticom, it held about a quarter of the company’s shares with the rest split between EMH, Tirendo’s administrative holding company, family firm Jahr (involved with publishers Gruner + Jahr), GS Sports SA and ProSiebenSat.1’s SevenVentures.
Other Project A ventures include advertising platform Semasio, wine shopping club Wine in Black, grocery delivery service Kochzauber and online shop for nutritional supplements NU3. It sold some though not all shares in menswear retailer Amerano in June 2013.
Article updated 9.30am CET 17 September 2013 – The company that acquired Tirendo is Delticom, not Directicom as we first reported.
Image credit: Flickr user Steve Garner