Change of Ownership Media Release

AUSTRALIAN CLUTCH SERVICES / MEDIA RELEASE

February 11, 2021


CHANGE OF OWNERSHIP FOR AUSTRALIAN CLUTCH SERVICES, XCLUTCH USA & ACS NZ

GUD Holdings Limited has announced yesterday that it has entered into an agreement to acquire 100% of the shares in the businesses of Australian Clutch Services Pty Ltd (ACS) and subsidiaries XCLUTCH USA Inc and ACS NZ Pty Ltd.

Completion of the acquisition is expected to occur on 1 March 2021.

GUD Holdings Managing Director and Chief Executive Officer, Mr Graeme Whickman, said “We are delighted to add ACS, a proudly Australian and Adelaide-based business with a heritage of over 30 years servicing the industry, to our portfolio. ACS enjoyed strong sales growth over the past year and is well placed to continue that growth going forward in both ANZ and international markets.
ACS has a diverse customer base and is a leader in the traditional manual clutch, and the growing higher value dual clutch transmission replacement/repair markets. The business is an excellent complement to Disc Brakes Australia (DBA). “

ACS and DBA together will form GUD’s Friction-based businesses, to be led by Mr Gideon Segal, currently executive General Manager of DBA.