Belron CEO Gary Lubner Purchases One Percent
of Company's Shares for $20.5 Million (16.6 Million Euros)
June 18, 2010
Belron chief executive officer Gary Lubner recently purchased one
percent of the company's equity from parent company D'Ieteren, for
a purchase price of approximately $20.5 million (16.6 million Euros).
The purchase was made through his family holding company, according
to a recent statement by D'Ieteren.
"I had an opportunity and investing in this business, frankly,
is a fantastic opportunity," Lubner told glassBYTEs.com/AGRR
magazine in an exclusive interview last week.
He says he's also looking to the future with optimism, particularly
with Belron's U.S. presence.
"I'm extremely excited about the future and a large part of
that future, by the way, is the U.S., because our U.S. business
is performing beyond expectations," he says. "There are
significant growth opportunities and so I had the opportunity to
invest, which is what I've done, and if I get further opportunities,
I'm sure I'll be investing more."
D'Ieteren says it will have call options on these shares, exercisable
twice a year from 2014 to 2024, and, similarly, has granted put
options to Lubner, which he can exercise twice a year from now until
In addition, D'Ieteren and its founding partners, which currently
hold 6.3 percent of the company, have extended their existing shareholders
agreement from 2014 to 2024, with calls and puts exercisable twice
a year over the same period. D'Ieteren officials say they intend
to exercise their existing 2014 call options on Belron shares in
order to reach an interest of a minimum of 95 percent of the company.
Lubner has been with the company for 16 years and was appointed
chief executive officer in May 2000. Prior to that, he was responsible
for the company's European operations. He's a third-generation member
of the worldwide family business.
Be sure to check out the July/August issue of AGRR magazine
for more from our exclusive interview with Lubner.
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