Sweden-based Mekonomen has entered into an agreement to acquire Denmark-based automotive parts distributor FTZ and Poland based Inter-Team Poland from HELLA for $460 million.

The transaction represents further consolidation of the European auto parts wholesale distribution industry, according to Jeffereies, which acted as the financial advisor to HELLA in the sale. Through this acquisition, Mekonomen establishes a strong market position in Denmark and Poland, where it currently has no activities.

Inter-Team has an established market position in the fast-growing and fragmented Polish automotive spare-parts market, according to Mekonomen. Inter-Team has a customer base of more than 28,500 workshops and operates two franchise concepts-O.K. Serwis and Inter Data Service-with approximately 410 workshops combined. The company also has a wide range of private label products under the Sakura and Kraft brands.

Inter-Team has approximately 80 branches with approximately 1,400 employees.