Car insurer buys majority stake in garage chain
The insurance group HUK-Coburg, particularly known for its car insurance, acquires a majority stake in the Pitstop garage chain.
To this end, the Group subsidiary HUK-Coburg Mobilitätsholding GmbH is increasing the stake it has held in Pitstop.de GmbH since 2022 from 25.1 percent to 84.9 percent. According to the HUK-Coburg press release, Bridgestone Europe NV/AS will continue to hold a minority stake of 15.1 percent in Pitstop.
The previous majority shareholder Stefan Kulas is leaving the group of shareholders, but will remain a member of the management board.
HUK-Coburg has set January 2, 2025 as the closing date for the transaction, which is still subject to approval by the antitrust authorities.
Klaus-Jürgen Heitmann, CEO of the HUK-COBURG insurance group, explains the motives behind the majority takeover of the garage chain: "By acquiring a majority stake, we are consistently taking the next step in the orientation of HUK-Coburg as a service provider for all aspects of mobility." With the broader range of car-related services, HUK-Coburg is now directly at the customer interface, which goes beyond the insurance business.