VFD Group to exit Germaine Auto Centre
VFD Group Plc is divesting from Germaine Auto Centre (GAC) after two and a half years of investment. A statement by VFD Group’s Head of Communications, Olufemi Oke, read: “In 2016, VFD Group brought a 30 percent stake in GAC in a deal that ceded management control to VFD. This deal was meant to give a new lease of life to the then troubled auto firm. During the term of the investment, VFD appointed the right leadership to the firm and aggressively, drove cost minimization an0 d 2 revenue maximization strategies to restructure the company for a leadership position in the auto industry…”
“In spite of these tough fiscal and operating environments, Germaine was stabilized and effectively positioned for effective growth. In the course of VFD Group’s involvement in the firm, the company settled most of its outstanding customers’ liabilities and amicably, rescheduled its creditors and importantly timed profit.
“However, as part of VFD Group’s investment philosophy and model, the group divested its invested percentage based on a deal that guaranteed in excess of 25 percent accumulated return.”
Speaking on the exit, VFD’s Managing Director/Chief Executive Officer, Nonso Okpala, said: “We are always driven by a dedication to providing unmatched returns to our investors and stakeholders. This investment has resoundingly met both expectations.”
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