Record Point is an independent corporate advisory firm specialising in domestic and international advisory services for public and private companies.

Record Point advises Wesfarmers on Kmart’s successful sale of Kmart Tyre & Auto Service

Wesfarmers Limited (ASX:Wes) announced that it has agreed to sell its Kmart Tyre & Auto Service (“KTAS”) business to Continental AG for $350 million.

KTAS is one of Australia’s largest tyre, automotive service and repair retailers with 258 stores across Australia with over 1,200 employees.

Continental AG is a leading global tyre company based in Germany.  Its five divisions in 2017 generated sales of €44 billion and its currently employs more than 243,000 people in 60 countries.  Continental’s Tyre division is a technology leader in tyre production and offers a broad product range for passenger cars, commercial vehicles and two-wheelers.

Following satisfaction of various conditions precedent, including approvals from the Australian Competition and Consumer Commission and the Foreign Investment Review Board, the transaction completed on 1 November 2018.

Record Point acted as the exclusive financial advisor to Wesfarmers.