Belron
Belron is the worldwide leader in Vehicle Glass Repair, Replacement and Recalibration. In 2019 Belron served 18.2 million consumers in 39 countries with a focus on service quality generating a very high level of customer satisfaction. Belron is trading under more than ten major brands including CarglassÂź, SafeliteÂź and AutoglassÂź. In addition, it manages vehicle glass and other insurance claims on behalf of insurance customers. Belronâs purpose is to make a difference by solving peopleâs problems with real care. Its most valuable assets are its close to 26,000 employees.
Investment Case â Our Journey with Belron
The last 20 years: âGrowing a winning business model into the global leader in vehicle glass repair and replacementâ
In 1999 DâIeteren Group acquired Belron from the Lubner family (Belronâs founding family) and South African Breweries. In the initial 20-year ownership period, DâIeteren Group worked closely with Belronâs leadership team to increase market shares in the various countries and to penetrate new geographic markets (+26 countries) including the acquisition of Safelite in the US in 2007, which marked a cornerstone in Belronâs history. This was achieved by the simultaneous implementation of several initiatives:
- Deep focus on the quality of service to delight end customers, achieving world-leading Net Promoter Score (NPS >80%);
- Significant investments in Belronâs brands to develop Top of Mind Awareness and brand preference;
- Development of longstanding partnerships with all major insurance and lease & fleet companies for which it can decrease the average claim cost. In the US, these partnerships include the administration of claims through Safelite Solutions;
- Footprint expansion through new store openings, acquisitions and partnerships (e.g. partnerships with Total and Norauto in France).
Over that period, Belron has grown into the undisputed global leader in vehicle glass repair and replacement. The companyâs sales and EBITDA grew more than six and ten-fold respectively.
The DâIeteren Group team has also continuously and actively supported the Belron purpose and values, which are the building blocks of its strong and deeply engaging culture.
The path ahead: âContinued profitable growthâ
The DâIeteren Group team continues to collaborate closely with Belronâs management team to pursue its growth trajectory, with an additional focus on operational performance improvement and capture of recalibration opportunities. DâIeteren Group is particularly involved in the following dimensions:
- Supports Belron in developing new products and services, with a strong focus on the recalibration of ADAS (Advanced Driver Assistance Systems) cameras mounted on the windscreen. This new service broadens Belronâs offering and considerably enhances its customersâ safety;
- Helps management identify opportunities to increase efficiency and improve operational performance (e.g. procurement, direct labour productivity);
- Continuously monitors Belronâs competitive landscape and supports Belron in executing acquisitions. In 2019 Safelite acquired and successfully integrated TruRoad, the largest acquisition in its history;
- Plays a pivotal role in Belron capital structure optimization.
DâIeteren Group is also actively engaged with Belronâs team to ensure the company reaches its non-financial and sustainability targets for all its stakeholders (people, customers, society and shareholders).
Early 2018 DâIeteren Group opened Belronâs capital to Clayton Dubilier & Rice (âCD&Râ), an American private equity firm which acquired a c.40% stake in the company. This marked the start of the second phase of ownership and a renewed partnership with Belronâs management.
