Continental in negotiations regarding the sale of its French retail operations

Continental has entered exclusive negotiations with ASC Investment regarding the sale of its French retail operations ContiTrade France. The intended transaction includes more than 130 company-owned BestDrive outlets, two retreading facilities, as well as the administrative functions supporting the tire and vehicle maintenance business and totaling approx. 1,200 employees.

All service outlets to be sold would remain part of Continental’s BestDrive France network under a franchise contract. Staff responsible for the franchise organization and the FleetPartner organization will be integrated into the Continental marketing and sales organization in France.

Both parties agreed not to disclose any further details. The intended transaction will be subject to consultation with the Comité Social et Économique (CSE) and approval by the supervisory board of Continental AG, followed by the signing of a sale and purchase agreement.

ASC is an investment firm based in Luxembourg and Munich, focusing on pan-European corporate spin-offs, carve-outs and succession situations with improvement potential. Since 2010 the ASC team has been investing in pan-European situations where an active and entrepreneurial-minded investor is needed.