Business description

Gundlach is a leading aftermarket distributor of tires, rims, completely fitted wheels and related services to car dealerships and wholesalers in Germany as well as wheel assembly services to blue-chip car OEMs in Europe. Operations are based in Germany, Austria, Hungary, Slovak Republic, Sweden and the Netherlands. The group has shown consistent historical growth and is uniquely positioned in the market to serve multiple levels within both the new car and aftersales automotive supply chain.

Investment thesis

Gundlach aims to build on its leading position as a broad service provider in the aftermarket tire distribution business in Germany whilst leveraging its long-term relationships with car OEMs to grow the Solutions and Services proposition across Europe. The group’s global tire purchasing organization (Eurotyre) will act increasingly to optimize Gundlach’s own supply chain whilst its eCommerce (B2B and B2C) tire platform (Goodwheel) offers additional upside to the core business.