Billionaire German Entrepreuner
The German entrepreneur Peter Unger has an estimated net worth of $1.4 billion. He is the founder of Auto-Teile-Unger, the auto parts and repair outfit. He founded this company in 1985. ATU is now a reputed chain of stores in Germany which sells vehicle accessories, auto parts and tires. ATU operates in several countries including Austria, Czech Republic & Germany. It has more than 600 stores under its umbrella and employs close to 12000 staff.
ATU chain of stores is very popular in Germany and locally it is known as Unger Tires. However, in 2002 Peter sold 80% of the company to Doughty Hanson & Co, a British investor group. The deal was reported to be worth $800 million. Two years later Kohlberg Kravis Roberts purchased the entire company including the remaining 20% stake of Unger. For this Peter received an estimated $360 million.
Peter Unger, according to Forbes, is the 55th richest person in Germany and ranked #1031 in the world. Today the ATU stores are mainly found in Germany and Czech Republic and there are now around 400 stores. Peter has retired and lives in Weiden with his wife. He has 2 children. There are reports that Unger is now thinking of investing in startups.
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