30 maart 2007 - P R E S S R E L E A S E
U.S. DEAL CONFIRMS CHIPSAWAY AS GLOBAL LEADER
March 2007
In a surprise move, one of Europe’s leading franchise organisations, ChipsAway International, has taken the highly unusual step of acquiring the worldwide Trademark rights (excluding the US and Canada) from ChipsAway Inc. of Pittsburgh, in a multi-million dollar deal signed this week. Operations in the US and Canada remain under the control of ChipsAway Inc.
The deal, which was partly funded by Lloyds TSB Commercial, consolidates ChipsAway’s position as the largest franchise organisation of its type in the world and gives the UK, ownership of the company’s unique paint repair formulations.
Commenting on the acquisition, Chairman of ChipsAway International, Roger Wild said, “This is a massive step forward for ChipsAway International and is the result of many years of hard work. The ChipsAway brand is already well known across Europe and the ownership of the mark will improve opportunities to develop promising commercial prospects currently under consideration in many different parts of the world.”
Speaking on behalf of Lloyds TSB Commercial, Darren Baker, Commercial Relationship Director, added, “We have long recognised ChipsAway International as an innovative and professional organisation with a high quality franchise network. Over the last few years we have been working in close co-operation with ChipsAway to secure improved banking options for franchisees, and have the highest regard for the management team. We are delighted to have supported this milestone deal and look forward to a long term relationship with the ChipsAway Group as it continues to pursue development plans worldwide.”
Roger Wild concluded, “We are proud that this acquisition will add value to our franchisees’ businesses, now that one of the best known names in franchising is British owned. We relish our new challenge to realise ambitious plans for international expansion, and further consolidation of our strong UK market position.”
The unique ChipsAway SMART (Small to Medium Area Repair Technology) repair system, enables automotive paintwork to be repaired by a trained technician to factory finish standard, in a fraction of the time taken by a traditional body shop, and at a highly competitive price. With 33 million cars on the road in the UK and around 15 million repair opportunities at any one time, clearly ChipsAway has hardly ‘scratched the surface’ of this vast marketplace.
Ends.
Enqs: Megan Dunmore, MDPR. Tel: 01283 840176.
E.megan@megandunmorepr.com
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