Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxelles, BELGIQUE  
Europese Commissie, DG COMP MERGER REGISTRY, 1049 Brussel,   BELGIË  
 
Tel: +32 229 -91111. Fax: +32 229 -64301. E -mail: COMP -MERG ER-REGISTRY@ec.europa.eu . 
  EUROPEAN COMMISSION  
Brussels, 23.12.2019  
C(2019 ) 9501 final  
PUBLIC VERSION  
To the notifying parties  
Subject : Case M.9653  – Pon Tyre Group/Gilde Fund V/Gundlach Automotive 
Corporation  
Commission decision pursuant to Article 6(1)(b) of Council Regulation 
(EC) No 139/20041 and Article 57 of the Agreement on the European 
Economic Area2  
Dear Sir or Madam,  
1. On 29 November 2019 , the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which the 
undertakings Pon Tyre Group B.V. (Netherlands), belonging to the Pon group (“Pon”) 
and Gilde Fund V (Netherlands), managed by Gilde V M anagement B.V. 
(Netherlands),  acquire within the meaning of Article 3(1)(b)  and 3(4) of the Merger 
Regulation joint control over the whole of the undertaking  Gundlach Automotive 
Corporation (Germany), by way of purchase of shares .3 
2. The business activities of the undertakings concerned are:  
 for Pon Tyre Group B.V. : Pon Tyre Group B.V. is part of the Pon group. Pon 
is active in four different business clusters: Automotive including distribution 
of tyres, Pon Bike, Equipment & Power Systems and Industrial Mobi lity, 
 for Gilde Fund V : Gilde Fund V is a private equity investment company active 
in the advice to, management of and investment in mid -market companies,  
 for Gundlach Automotive Corporation : Gundlach Automotive Corporation is 
mainly active in the distribution of tyres, wheel rums, fitted wheels, TPMS 
sensors and related services and provides wheel programs and assembly 
services to OEMs.  
                                                 
1 OJ L 24, 29.1.2004, p. 1 ( the ‘Merger Regulation ’). With effect from 1 December 2009,  the Treaty on 
the Functioning of the European Union ( ‘TFEU ’) has introduced certain changes, such as the 
replacement of ‘Community ’ by ‘Union ’ and ‘common market ’ by ‘internal market ’. The terminology 
of the TFEU will be used throughout this decision.  
2  OJ L 1, 3.1.1994, p.  3 (the ‘EEA Agreement ’). 
3  Publication in the Official Journal of the European Union No C 412, 9.12.2019 , p. 23. 

2 3. After examination of the notification, the European Commission has concluded that 
the notified operation falls within the scope of the Merger  Regulation  and of 
paragraph 5  (c) of the Commission Notice on a simplified procedure for treatment of 
certain concentrations under Council Regulation (EC) No 139/2004 .4 
4. For the reasons set out in the Notice on a simplified procedure, the European 
Commission has decided not to oppose the notified operation and to declare it 
compatible with the internal market and with the EEA Agreement. This decision is 
adopted in appli cation of Article 6(1)(b) of the Merger  Regulation  and Article 57 of 
the EEA Agreement . 
For the Commission  
 
 
(Signed)  
Cecilio MADERO VILLAREJO  
Acting Director -General  
                                                 
4  OJ C 366, 14.12.2013, p. 5 .