BOVAG increases stake in subsidiary company
PhiDelphi Corporate Finance has advised trade association BOVAG regarding the increase of its ownership stake in Bovemij, a service provider and insurer of the automotive sector. The successful purchase of EUR 20.2 million in certificates, which were subsequently withdrawn, resulted in BOVAG increasing its shareholding stake to 88% highlighting its long-term commitment as majority shareholder.
BOVAG is a trade organisation of over 8,000 entrepreneurs involved in the automotive sector. Members are companies specialized in passenger cars, classic cars, company vehicles, two-wheeled vehicles, caravans, trailers, engine overhaul, car rental, car parts, car wash services, car polishing, traffic education, car repairs and petrol stations. In addition, BOVAG serves as a quality label for customers of the affiliated companies.