Birketts has advised nationwide tyre recycling firm, Murfitts Group (Murfitts), on their sale to European Tyre Enterprise Ltd (ETEL), owners of the Kwik Fit retail chain. The value of the deal is undisclosed.
Murfitts are one of the leading businesses producing rubber granulate products, processing and repurposing more than 20m post-consumer car tyres every year. Based in Suffolk but operating across the UK, the business has expanded to include processing sites in Manchester, Birmingham and Scotland in recent years, bespoke production plants and processes that use every part of a tyre to eliminate waste. ETEL have purchased 100% of Murfitts, with Managing Director Mark Murfitt to continue leading the company.
ETEL own a number of tyre and automotive chains across the continent, including Central Tyre and Stapletons Tyre Services. Between these and the maintenance and repair businesses, ETEL boasts annual sales revenues of more than £1bn across five countries in Europe.
The deal was led by James Allen with assistance provided by Stephanie Newman, both in the Birketts’ Corporate Finance Team.
Speaking after the deal concluded, Managing Director Mark Murfitt said: This is the next logical step for the Murfitts Group. The scale and customer base ETEL have built across Europe is unrivalled and our business will only benefit from access to these markets. My thanks to the team at ETEL and to James throughout this transaction. His advice has been clear, detailed and quick throughout the process, and no query was too much trouble. Murfitts looks forward to working with both ETEL and Birketts in the future.”
Partner, James Allen added: “Our team of Corporate Finance lawyers are thoroughly experienced in deals such as this, and can ensure transactions of this nature run as smoothly as possible. I wish Mark and the team at Murfitts the best as they enter this new phase of business with ETEL; I am sure both businesses will reach even greater heights working hand-in-hand.”