Automotive retailer Bapcor has kicked off an international expansion into the South East and North East Asian markets with the acquisition of 25 per cent of Singapore-listed Tye Soon business.
Tye Soon is the most prominent independent automotive parts distributor in the region, according to Bapcor, which will invest approximately $12 million (SGD12.5 million) into the business.
The investment will give Bapcor, which operates the Autobarn brand locally, a stake in Tye Soon’s 50+ locations across Malaysia, South Korea, Australia, Singapore and Thailand.
“The complementary expertise of Tye Soon and Bapcor beings a range of opportunities for both businesses to collaborate and grow their markets,” said Bapcor chief executive Darryl Abotomey.
“Tye Soon has particular strengths in genuine parts and aftermarket parts distribution as well as an excellent store network… [We] will work with Tye Soon to maximise the opportunities to grow their businesses in Asia and Australasia.”
Completion of the acquisition is expected to take place in April, and will allow Bapcor to nominate directors for the Tye Soon board.