GB Group is pleased to announce that on August 1, 2008 has acquired the 77 % of the TMS share capital and the 100% of TMS Overseas. GB Group is one of the major manufacturer and distributor of spare parts in the sector of agriculture and industry. GB Group has realized a consolidated turnover of over EUR 200 million in 2007. The group is active in many countries and operates via its subsidiaries in Italy, the USA, United Kingdom and South Africa. Thanks to this operation, GB Group will reach a turnover of almost US $ 500 million by the end of 2008.
TMS is specialized in the worldwide distribution of spare parts for building and civil engineering materials and for trucks. Present in over 40 countries thanks to its agencies' network of and its subsidiaries in the USA, France, Brasil and Spain, TMS group has realized a consolidated turnover of EUR 57 million in 2007.
TMS and GB Group are active in the same sector and offer many complementarities: thanks to a strong commercial penetration in Center Africa, Russia and other countries TMS's association with GB will ends up on a perfect integration between the 2 companies.
TMS's value has been estimated about EUR 50 million: GB's initial investment was around EUR 21.5 million, and the entire operation has been settled thanks to a funds granted by a pool of italian banks.
The sale has been realised at a provisional price of EUR 18.02 per share, which will still be subject to certain adjustments, in particular depending on the operating results of 2008.
The previous controlling shareholders keeps a participation of 15% in the share capital of TMS and the management team will remain in function after the transaction.