The EQT Mid Market Fund is to acquire the majority in kfzteile24, a Berlin, Germany-based online retailer for automotive spare parts and accessories in Germany, from the founders Matthias Kieper and Torsten Hainke.
Following the close of the deal, whose amount was not disclosed and subject to merger control approval by the relevant antitrust authorities, Kieper and Hainke will stay on as substantial shareholders in the compay and will maintain their CO-CEO positions. In conjunction with it, René Marius Köhler (founder and CEO of Internetstores) and Dr. Florian Heinemann (Managing Director Project A Ventures) will join the Board of Directors, bringing strong expertise in the areas of e-commerce and online marketing.
The acquisition aims to strengthen kfzteile24’s market position, in particular by developing and broadening the online offering and exploring further avenues of growth.
Founded in 2001, kfzteile24 is a full-range online retailer for automotive spare parts and accessories in Germany. In addition to its online store, it has three retail stores with affiliated repair shops in Berlin to supplement the online distribution. Annual revenues of kfzteile24 amounted to €114m in 2014. The company has around 500 employees.