Halfords has acquired a minority stake in TyresOnTheDrive.com valued at up to £8 million and simultaneously entered into an operating agreement with the mobile tyre fitting business.
The shareholding was purchased during a round of investment in Tyres on the Drive in which existing shareholders MMC Ventures and True Capital also participated.
The operating agreement will see Halfords and Tyres on the Drive jointly develop opportunities to leverage each other’s capability and expertise, with the aim of enhancing the services and products available to their customers.
Specifically, the agreement includes projects to deliver certain sales and cost synergies and provides Halfords with the opportunity to trial a broader mobile delivery proposition for its motoring services.
Jones Day advised True Capital in its acquisition of a minority stake in TyresOnTheDrive.com with a team led by Patrick Stafford.
Involved fees earner: Patrick Stafford – Jones Day;
Law Firms: Jones Day;
Clients: True Capital;