Pirelli has signed an agreement with the Faria da Silva family to acquire 60% of the company equity of Campneus, a Brazil-based tyre distribution network, for BRL54m ($29m), and subject to adjustment on the basis of the asset situation on the closing date.
With this deal, Pirelli plans to strengthen its presence in the Brazilian market both in wholesale distribution and retail.
The company focuses on the higher growth premium segment and increasing the number of its owned points of sale from the present 48 to 102.
Campneus owns 54 points of sale, which are included in the agreement and are already part of Pirelli's distribution network in Brazil of over 600 points of sale.
Upon completion of the deal, the Campneus stores will continue under the same brand, which are located in the states of S?o Paulo, Minas Gerais, Paraná, Mato Grosso do Sul, Santa Catarina and Rio Grande do Sul.
Campneus's stores sell a complete range of Pirelli tyres for cars, light-trucks, trucks, buses and agricultural machinery, as well as for earth moving and off road equipment.
