PRESS RELEASE – VFD Group Concludes a Successful Business Exit of Germaine Auto Center.

Lagos – Nigeria, 15 07 2019: — VFD Group Plc (“VFD Group”, “VFD”) announces its divestment from Germaine Auto Center (“GAC”) after a period of two and a half years investment.

In 2016, VFD Group bought a 30% 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 and revenue maximization strategies to restructure the company for leadership position in the auto industry. In spite of these tough fiscal and operating environment, 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% accumulated return.

Remarking on the exit, VFD’s Managing Director/CEO, Nonso Okpala stated “we are always driven by a dedication to providing unmatched returns to our investors and stakeholders. This investment has resoundingly met both expectations.”

As it marks its 20th anniversary this year, the company will continue to provide customers access to quick, efficient and high-quality repairs at reasonable prices.

On a parting note, the former MD/CEO of Germaine, who equally serves as the COO of VFD Group, Gbenga Omolokun stated “the new Germaine is poised to take the market by storm and we (at VFD) wish the current Board and Management of Germaine, the best of luck in their future endeavor”.

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