ROLF Group has finished the deal on sale of We Love Parts department.
Moscow, 1st April 2013 – ROLF Group reports on the completion of deal on sale of one of the oldest company divisions – spare parts distribution business We Love Parts (WLP). Division was bought out by the management of the company. From now on “We Love Parts” LLP will continue as an independent company, without help and financial involvement of the Group.
The deal on sale of 100% interest in ROLF Group’s division to management is the second case of Management Buyout scheme implementation in the history of the company. In 2011, ROLF Group sold post-guarantee service business “White Service” to the project leader Dmitry Rotkin.
As a result, management of WLP also became the owner of “We Love Parts” trademark. New owners of the company will determine the future strategy by themselves, cooperate with ROLF Group on the current contracts and bear the full responsibility for the operational activity of the company.
Therefore, from the moment of sale and onwards, ROLF Group will neither be financing the WLP project nor take responsibilities for its future development. All of the current contacts on supply of spare parts will not be revised until the end of their terms.
Igor Salita, Chief Executive Officer of the ROLF Group:
“The deal on sale of 100% of spare parts distributor We Love Parts to management is part of the long term strategy, which ROLF Group adopted in 2011. I recall that the decision was made to treat the Retail Division as a key department of the ROLF Group. Thus, in 2011 the post-guarantee service business “White Service” was bought out by management. In 2012 we finished the deals on sale of controlling interest in two companies, which were part of ROLF Group: ROLF Import and logistics operator ROLF SCS. We optimistically accepted the decision of We Love Parts management to become the owners of the company. All of them are great professionals and we are convinced that “old” management will cope with all activities of business development. We sincerely wish them success!”
Dmitry Soldatkin, director of We Love Parts:
“The deal was beneficial for both sides: We Love Parts company will be able to concentrate all resources on realization of its strategy on spare parts market. Moreover, after new opportunities forexternal financing, we are planning to accelerate rate of growth. I am completely satisfied with the outcome of negotiation and want to point out that ROLF Group will stay as an important strategic business partner for us.”