ITASCA, IL — Midas has confirmed the pending sale of its licensed operations in Europe and Latin America. Currently owned by Magneti Marelli, a member of the Fiat Group, Marelli will sell the operations to France’s Norauto Group.
Midas sold its interests in Europe and Brazil to Marelli in October 1998, when the companies entered into a long-term license agreement for which Midas received $100 million in cash and on-going royalties throughout the term of the license agreement.
Norauto, a privately held company based in Lille, France, currently operates 351 stores in France, Spain, Italy, Belgium, Poland, Portugal and Argentina under the Norauto, Auto5, MaxAuto and CarterCash brands. The stores sell over-the-counter parts and accessories in a retail format and most have service bays to provide maintenance and repairs.
Under terms of the sale, Norauto will continue to be obligated by the original strategic alliance and license agreements between Midas, Inc., and Magneti Marelli. There currently are 607 Midas shops in the countries covered by the agreement.
Midas Europe will continue to be based in Monaco, and it is anticipated that Peter Schalburg will continue as its managing director.
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