Cerberus European Investments LLC yesterday completed its acquisition of all businesses and subsidiaries of U.K.-based Torex Retail Plc., including the Cumberland-based Torex Americas Retail. Cerberus paid £204.4 million (about $407.5 million) and “assumed associated subsidiary company liabilities,” it said in its announcement.
“This enables Torex to move beyond issues that have impacted the former holding company, which is not being acquired,” the company said.
“I am delighted that the financial future of Torex has been secured and that the new owner has a long-term commitment and operational expertise,” said Michael A. Hess, CEO of Torex Americas Retail. “There has never been a doubt about the quality of Torex’s product base or our commitment to our strong customer relationships, and this change of ownership will enable us to genuinely integrate the businesses and build on our already leading market position.”
The acquisition was accomplished through Torex Retail Holdings Ltd., an acquisition vehicle owned by Cerberus, following the process previously announced by Torex Retail Plc. It includes Torex’s global Retail, Hospitality, Petrol (fuel) and Convenience divisions.
Torex Americas Retail, with operations in Rhode Island, North Carolina, California and Ontario, is a division of Torex Retail, an independent provider of retail technology to more than 6,000 customers around the world. Additional information is available at www.torexretail.com.
Cerberus European Investments is a division of Cerberus Capital Management LP, a private investment firm with $25 billion under management. Cerberus has a staff of more than 275 at its headquarters in New York City and nine affiliate or advisory offices. To learn more, visit www.cerberuscapital.com.
