www.peakstone.com
Automotive Industry M&A Update
December 2016
Automotive
M&A Update | December 2016
Automotive Industry Update
 For year-to-date 2016, total announced transactions of 52 deals are on pace with 2015 record levels. There were 55
transactions during 2015.
 For year-to-date 2016, strategic buyers accounted for 96% of Automotive M&A transactions. During 2015, strategic
buyers accounted for 93% of the transactions.
 For announced transactions, Automotive multiples saw a modest decrease from 12.3x to 10.5x Enterprise Value to
EBITDA in 2015 and 2016, respectively.
 Many Automotive categories continue to outperform the S&P 500.
 Select recent notable publicly announced M&A transactions:
o
American Axle & Manufacturing Holdings Inc. entered into a definitive agreement to acquire Metaldyne
Performance Group Inc. for approximately $1.5 billion.
o
Polaris Industries Inc. entered into an agreement to acquire Transamerican Auto Parts Company, LLC for
approximately $670 million.
o
Octavius Corporation entered into a definitive agreement to acquire Grand Design RV from Summit Partners
LLP and others for approximately $500 million.
o
General Motors Company agreed to acquire Cruise Automation, Inc. from Signia Venture Partners, Spark
Capital Partners, LLC, Felicis Ventures and others for approximately $600 million.
o
Ningbo Joyson Electronic Corp. entered into a definitive agreement to acquire Key Safety Systems, Inc. from
funds managed by FountainVest Partners, Canada Pension Plan Investment Board and Crestview Partners,
L.P. for approximately $920 million.
1
Auto Industry Expertise
Peakstone principals have completed over 100 transactions totaling $125 billion in value
Selected Automotive M&A and Financing Deals
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$75 million credit facility for subprime installment lender, primarily for pre-owned cars
through independent dealers
Sale of Reatruck.com to THI, a TA portfolio company
Sale of Delphi’s Thermal products business to Mahle
Acquisition of MVL, an electrical connectors supplier, from Bain-owned FCI
Acquisition of Unwired Technologies, an automotive infotainment components
supplier
Acquisition of Antaya Technologies, an electrical connectors supplier
IAA/Adesa $2.9Bn Acquisition Financing
United Auto Group $130MM Equity Follow-on Offering
United Auto Group $300MM High Yield Debt Offering
Investment in Ottomatika, an early stage developer of software for automated vehicles
Sale of Delphi’s Italian aftermarket Thermal products business
Acquisition of Hartridge, a UK manufacturer of diagnostic testing equipment for Diesel
engines
Federal-Mogul Acquisition of Fel-Pro
Federal-Mogul Acquisition of T&N
American Tire Distributors $330MM Acquisition Financing
DaimlerChrysler $2.0Bn ABS Offering
RaySat $25MM Equity Private Placement
Microheat $30MM Debt Private Placement
Key Safety Systems $495MM Acquisition Financing
Hilite International $190MM Bank Financing
Lear Corporation Acquisition of UT Automotive
Borg-Warner Acquisition of Kuhlman Corporation
Sale of Kuhlman Electric (division of Borg-Warner) to The Carlyle Group
Sale of Coleman Cable (division of Borg-Warner) to group of equity investors
Sale of Gresen (division of Dana Corp) to Parker Hannifin
Sale of stake in Mitsubishi Motors to DaimlerChrysler
Sale of Cambridge Industries to Meridian Automotive
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Parker Hannifin Acquisition of Wynns International
Sale of Detroit Diesel to DaimlerChrysler (Fairness Opinion)
Restructuring Advisory Assignment for Amsted Industries
Sale of Eaton Corp’s Automotive Switch business to Delphi Automotive
Sale of Dana’s Boston Weatherhead division to Eaton Corp
Sale of American Tire Distributors to Investcorp
Acquisition of subsidiaries of Grand Vehicle Works by Navistar International
Sale of Big Ten Tire to Sun Capital
Acquisition of Key Safety Systems by Crestview
Acquisition of Chrysler by Cerberus
Advisor to GM on Delphi Bankruptcy
Sale of Chicago Miniature Lighting to AGM Automotive
Sale of Finnveden Metal Structures to Shiloh Industries Inc.
Advisor to TriVero Group on the Acquisition and Financing of BTM Company
Sale of Control-Tec LLC to Delphi Automotive
Tenneco Automotive High Yield Debt Offering
American Axle & Manufacturing $150MM Convert/$250MM Debt/$600MM
Synd
TRW Automotive $675MM Initial Public Offering
BMW of North America $1.5Bn ABS Offering
Ford Motor Credit $1.9Bn ABS Offering
Navistar International $250MM High Yield Debt Offering
Lear Corporation $400MM High Grade Debt Offering
DaimlerChrysler $1.5Bn High Grade Debt Offering
TRW Automotive $300MM HY Liability Mgmt/$1.9Bn Synd
Tenneco Automotive $500MM High Yield Debt Offering
GMAC $2.5Bn High Grade Debt Offering
BMW of North America $750MM Debt Private Placement
Dana Corporation $890MM Debt Tender/ $450MM Debt Offering
Navistar International $400MM High Yield Offering
2
Automotive
M&A Update | December 2016
U.S. Automotive Industry - M&A Market Overview
U.S. Automotive transaction activity has remained consistent in recent years
U.S. Automotive Transactions by Buyer Type
U.S. Automotive Transaction Multiples
14.0x
70
6
60
12.0x
2
50
4
2
10.0x
10.5x
10.0x
8.9x
8.9x
2012
2013
9
8.0x
40
30
6.0x
59
51
50
20
12.3x
50
42
4.0x
10
2.0x
0
0.0x
2012
2013
2014
Strategic
Financial
2015
2016YTD
2014
2015
2016YTD
EV / EBITDA
Source: Capital IQ
3
Automotive
M&A Update | December 2016
Peakstone Automotive Index – Trading Statistics
Automotive categories performed favorably compared to the S&P 500 in stock price
Relative Stock Performance
200%
300%
Aftermarket Retailers and
Distributors: +146%
150%
250%
International OEM Suppliers: +136%
100%
200%
Aftermarket Suppliers: +119%
Dealer and Service Providers: +104%
50%
150%
Domestic OEM Suppliers: +85%
S&P 500: +77%
Automotive Manufacturers: +19%
100%
0%
-50%
50%
Peakstone Index Company details on pages 6-8
Source: Capital IQ
As of 12/01/2016
4
Automotive
M&A Update | December 2016
Peakstone Automotive Index – Trading Statistics
Automotive categories performed well compared to the S&P 500 in EV / EBITDA multiples
Comparable Valuation Trends – Enterprise Value / EBITDA
16.0x
Dealer and Service Providers: 13.2x
14.0x
Aftermarket Retailers and
Distributors: 12.5x
12.0x
S&P 500: 11.5x
10.0x
Aftermarket Suppliers: 7.6x
8.0x
Domestic OEM Suppliers: 7.6x
6.0x
Automotive Manufacturers: 6.4x
International OEM Suppliers: 6.3x
4.0x
2.0x
0.0x
Peakstone Index Company details on pages 6-8
Source: Capital IQ
As of 12/01/2016
5
Automotive
M&A Update | December 2016
Public Trading Comparables by Sector
Select Public Trading Comparables
Company Name
Market
Cap
Automotive Manufacturers
Toyota Motor Corporation
Volkswagen AG
Ford Motor Co.
Daimler AG
Bayerische Motoren Werke Aktiengesellschaft
General Motors Company
Honda Motor Co., Ltd.
Nissan Motor Co. Ltd.
Hyundai Motor Company
Tesla Motors, Inc.
Fiat Chrysler Automobiles N.V.
Kia Motors Corp.
Mazda Motor Corporation
AUDI AG
Peugeot S.A.
Automotive Manufacturers Median
$179,172
$66,165
$61,997
$71,324
$55,103
$55,627
$53,310
$37,243
$23,654
$31,314
$9,913
$12,434
$9,887
$27,764
$11,874
$37,243
$286,085
$187,973
$176,131
$169,669
$150,288
$113,518
$93,231
$92,337
$63,542
$31,400
$18,417
$10,633
$9,936
$9,598
$8,275
$92,337
1.2x
0.8x
0.8x
1.0x
1.5x
0.7x
0.8x
0.9x
0.8x
5.3x
0.2x
0.2x
0.3x
0.2x
0.1x
7.5x
6.8x
6.8x
9.5x
10.5x
5.4x
8.8x
8.1x
7.4x
NM
1.9x
2.6x
3.9x
1.1x
1.5x
12.0x
10.9x
10.9x
12.7x
14.3x
9.5x
14.8x
12.0x
9.7x
NM
3.6x
3.4x
5.3x
1.5x
2.2x
11.4x
5.6x
5.7x
7.4x
8.6x
6.3x
11.7x
7.1x
5.0x
NM
4.3x
4.9x
9.7x
7.4x
19%
17%
17%
20%
19%
13%
23%
20%
19%
23%
14%
20%
24%
19%
19%
15%
10%
10%
11%
14%
12%
8%
10%
9%
2%
8%
7%
8%
13%
9%
0.8x
6.8x
10.3x
7.1x
19%
10%
$7,967
$9,708
$5,577
$1,645
$2,525
$1,108
$2,048
$1,164
$946
$2,048
$13,247
$10,505
$7,613
$4,567
$2,430
$1,969
$1,942
$1,204
$1,002
$2,430
0.9x
2.9x
4.1x
0.6x
2.9x
0.6x
0.7x
1.2x
2.6x
1.2x
5.6x
11.6x
11.9x
6.5x
13.9x
6.1x
3.3x
9.0x
17.0x
9.0x
8.1x
12.6x
16.6x
13.4x
15.6x
7.7x
4.2x
10.5x
20.4x
12.6x
7.4x
17.1x
14.2x
8.3x
22.5x
9.5x
9.8x
15.8x
19.5x
14.2x
27%
51%
47%
15%
39%
14%
25%
31%
31%
31%
15%
25%
35%
9%
21%
9%
20%
13%
15%
15%
($ in millions)
Aftermarket Suppliers
The Goodyear Tire & Rubber Company
Snap-on Incorporated
Allison Transmission Holdings, Inc.
Federal-Mogul Holdings Corporation
Dorman Products, Inc.
Meritor, Inc.
Cooper Tire & Rubber Company
Standard Motor Products, Inc.
Fox Factory Holding Corp
Aftermarket Suppliers Median
Enterprise
Value
Revenue
Enterprise Value /
EBITDA
EBIT
Forward
P/E Ratio
Gross
Margin %
EBITDA
Margin %
Source: Capital IQ
As of 12/02/2016
6
Automotive
M&A Update | December 2016
Public Trading Comparables by Sector (continued)
Select Public Trading Comparables
($ in millions)
Company Name
Market
Cap
Enterprise
Value
Domestic OEM Suppliers
Johnson Controls International plc
Delphi Automotive PLC
Magna International Inc.
BorgWarner Inc.
Lear Corporation
Gentex Corporation
Tenneco Inc.
Linamar Corporation
Dana Incorporated
Metaldyne Performance Group Inc.
Visteon Corporation
American Axle & Manufacturing Holdings, Inc.
Cooper-Standard Holdings Inc.
Gentherm Incorporated
Martinrea International Inc.
Domestic OEM Suppliers Median
$42,794
$17,775
$16,300
$7,844
$9,248
$5,444
$3,332
$2,675
$2,478
$1,400
$2,706
$1,240
$1,693
$1,165
$501
$2,706
$59,669
$21,823
$19,648
$10,022
$9,991
$4,955
$4,517
$3,594
$3,387
$3,116
$2,373
$2,211
$2,142
$1,173
$1,013
$3,594
International OEM Suppliers
Continental Aktiengesellschaft
Valeo SA
Autoliv, Inc.
GKN plc
Faurecia S.A.
Compagnie Plastic Omnium SA
Brembo S.p.A.
Cie Automotive, S.A.
ElringKlinger AG
Autoneum Holding AG
International OEM Suppliers Median
$35,335
$13,175
$9,287
$6,577
$4,889
$4,456
$3,661
$2,374
$893
$1,155
$4,673
$38,876
$14,118
$9,924
$7,577
$6,080
$4,872
$3,959
$3,236
$1,493
$1,340
$5,476
Revenue
Enterprise Value /
EBITDA
Forward
P/E Ratio
EBIT
Gross
Margin %
EBITDA
Margin %
1.6x
1.3x
0.6x
1.1x
0.5x
3.0x
0.5x
0.8x
0.6x
1.1x
0.8x
0.6x
0.6x
1.3x
0.3x
14.8x
8.0x
5.0x
6.6x
5.0x
8.3x
5.5x
4.7x
6.1x
6.6x
8.0x
3.7x
5.3x
7.8x
4.0x
19.3x
10.4x
7.0x
8.7x
6.2x
9.7x
7.2x
6.8x
8.9x
12.4x
10.5x
5.5x
7.5x
10.2x
6.8x
17.0x
10.4x
7.5x
10.8x
9.2x
14.8x
9.4x
6.9x
9.7x
12.2x
16.7x
5.1x
10.3x
13.3x
4.6x
19%
20%
15%
21%
12%
40%
18%
17%
14%
17%
14%
18%
19%
33%
14%
9%
17%
11%
17%
10%
36%
10%
17%
10%
17%
9%
15%
12%
17%
8%
0.8x
6.1x
8.7x
10.3x
18%
12%
0.9x
0.9x
1.0x
0.8x
0.3x
0.9x
1.6x
1.1x
0.9x
0.6x
6.3x
7.6x
7.7x
6.5x
4.2x
7.4x
8.9x
7.2x
7.0x
6.0x
9.1x
11.0x
10.9x
10.2x
5.9x
9.8x
11.5x
10.5x
12.1x
8.7x
10.6x
13.1x
15.2x
9.9x
8.4x
11.5x
14.7x
11.4x
8.8x
12.4x
26%
18%
21%
60%
10%
17%
47%
45%
25%
53%
14%
11%
13%
11%
7%
11%
18%
15%
13%
10%
0.9x
7.1x
10.4x
11.4x
26%
12%
Source: Capital IQ
As of 12/02/2016
7
Automotive
M&A Update | December 2016
Public Trading Comparables by Sector (continued)
Select Public Trading Comparables
($ in millions)
Company Name
Market
Cap
Enterprise
Value
Aftermarket Retailers and Distributors
AutoZone, Inc.
O'Reilly Automotive, Inc.
Genuine Parts Company
Advance Auto Parts, Inc.
LKQ Corporation
Uni-Select Inc.
U.S. Auto Parts Network, Inc.
Aftermarket Retailers and Distributors Median
$22,534
$25,794
$14,312
$12,577
$10,022
$965
$99
$12,577
$27,306
$27,120
$14,874
$13,500
$13,017
$1,096
$103
$13,500
Dealers and Service Providers
CarMax Inc.
AutoNation, Inc.
Penske Automotive Group, Inc.
KAR Auction Services, Inc.
Copart, Inc.
Lithia Motors, Inc.
Group 1 Automotive, Inc.
Sonic Automotive, Inc.
Asbury Automotive Group, Inc.
Monro Muffler Brake, Inc.
Boyd Group Income Fund
AutoCanada Inc.
America's Car-Mart, Inc.
Dealers and Service Providers Median
$11,249
$4,682
$4,405
$5,732
$6,267
$2,521
$1,525
$962
$1,299
$1,919
$1,198
$426
$349
$1,919
$22,412
$10,918
$9,448
$9,081
$6,843
$4,677
$4,258
$3,210
$3,083
$2,308
$1,288
$1,063
$469
$4,258
$3,689
$4,867
Automotive Total Median
Revenue
Enterprise Value /
EBITDA
EBIT
Forward
P/E Ratio
Gross
Margin %
EBITDA
Margin %
2.6x
3.2x
1.0x
1.4x
1.5x
1.0x
0.3x
11.6x
14.5x
12.0x
11.6x
12.8x
11.3x
11.2x
13.3x
16.4x
13.5x
14.9x
15.7x
12.8x
82.0x
17.2x
23.0x
20.1x
22.5x
16.4x
16.0x
29.0x
53%
52%
30%
45%
39%
30%
30%
22%
22%
8%
12%
12%
9%
3%
1.4x
11.6x
14.9x
20.1x
39%
12%
1.5x
0.5x
0.5x
3.1x
5.2x
0.6x
0.4x
0.3x
0.5x
2.4x
1.3x
0.5x
0.8x
18.8x
11.0x
13.2x
12.6x
14.6x
11.5x
10.1x
10.4x
9.5x
14.6x
14.3x
12.2x
11.7x
21.6x
12.7x
15.0x
18.6x
16.1x
13.0x
11.5x
13.8x
10.5x
19.8x
19.1x
14.7x
13.1x
17.1x
11.1x
12.6x
17.9x
21.7x
11.6x
9.9x
10.3x
9.3x
27.3x
25.5x
11.8x
15.1x
16%
15%
15%
43%
45%
15%
15%
15%
16%
40%
46%
17%
47%
8%
5%
3%
24%
35%
5%
4%
3%
5%
17%
9%
4%
7%
0.6x
12.2x
14.7x
12.6x
16%
5%
0.9x
8.1x
11.5x
12.0x
22%
12%
Source: Capital IQ
As of 12/02/2016
8
Automotive
M&A Update | December 2016
Selected Automotive Industry Transactions
Selected Automotive Transactions
Transaction
Size ($mm)
Target / Issuer
12/02/2016
Bomnin Chevrolet West Kendall
11/03/2016
Metaldyne Performance Group Inc.
10/27/2016
Atwood Mobile Products LLC
$13
Lippert Components, Inc.
-
10/16/2016
AC Propulsion, Inc.
$100
Chongqing Sokon Industry Group Co., Ltd.
-
10/13/2016
NOCO Energy Corp., Lubricants Business
$37
Brenntag AG
-
10/12/2016
Transamerican Auto Parts Company, LLC
$665
Polaris Industries Inc.
9.0x
10/03/2016
Grand Design RV
$503
Octavius Corporation
8.4x
10/03/2016
Remy International, Inc.
$80
Torque Capital Group LLC
-
09/28/2016
Irvin Automotive Products, Inc.
$175
Piston Automotive, LLC
-
09/21/2016
Corby, LLC
$1
US Lighting Group, Inc.
-
09/16/2016
Interstate Ford, Inc.
$6
CincyAutos, Inc.
-
07/05/2016
Vacuplast, LLC
$11
Patrick Industries, Inc.
-
07/01/2016
Jayco, Inc.
$582
Thor Industries, Inc.
-
$21
$3,418
Buyers / Investors
EV /
EBITDA
Date
Bomnin Chevrolet
American Axle & Manufacturing Holdings, Inc.
-
6.9x
Transaction Comments
Bomnin Chevrolet acquired Grand Prize Motors, Inc. from Ralph W. Sifford for $21 million
on December 2, 2016. Americredit Financial Services provided a $17.68 million loan.
Upon completion, Grand Prize Motors will be renamed as Bomnin Chevrolet West
American Axle & Manufacturing Holdings Inc. (NYSE:AXL) entered into a definitive
agreement to acquire Metaldyne Performance Group Inc. (NYSE:MPG) from American
Securities, Levin Capital Strategies, L.P. and others for $1.5 billion on November 3, 2016.
Lippert Components, Inc. entered into an agreement to acquire seating and chassis
component business from Atwood Mobile Products LLC for $12.5 million on October 27,
Chongqing Sokon Industry Group Co., Ltd. (SHSE:601127) signed letter of intent to
acquire AC Propulsion, Inc. for $100 million October 16, 2016.
Brenntag AG (XTRA:BNR) agreed to acquire Lubricants Business from NOCO Energy
Corp. for $36.7 million on October 13, 2016. The transaction is subject to contractually
agreed closing conditions and is expected to close in the course of the next weeks.
Polaris Industries Inc. (Delaware) entered into an agreement to acquire Transamerican
Auto Parts Company, LLC from group of shareholders for approximately $670 million on
October 11, 2016. Consideration is subject to customary closing adjustments.
Octavius Corporation entered into a definitive agreement to acquire Grand Design RV
from Summit Partners LLP and others for approximately $500 million on October 2, 2016.
Under the terms of the agreement, Octavius will pay $395 million in cash and issue 4.6
million shares of Winnebago.
Torque Capital Group LLC signed an agreement to acquire Light Vehicle Aftermarket
Business from Remy International, Inc. for $80 million on October 1, 2016. The purchase
price of $80 million is subject to customary adjustments. Post-completion, BorgWarner
will retain the core rotating electric business of the former REMY International, Inc.
Piston Automotive, LLC acquired Irvin Automotive Products, Inc. from Takata Corporation
(TSE:7312) for approximately $180 million on September 28, 2016. Irvin Automotive will
operate as a separate company within the Piston Group. Irvin Automotive had annual
sales of $500 million.
US Lighting Group, Inc. (OTCPK:USLG) entered into a letter of intent to acquire Corby,
LLC from its members for $1.2 million on September 21, 2016. The definitive agreement
is expected to be signed within 30 days. Upon completion, Corby will become a whollyowned subsidiary of US Lighting Group.
CincyAutos, Inc. acquired Interstate Ford, Inc. from Chuck George for $6.2 million on
September 16, 2016.
Patrick Industries Inc. (NasdaqGS:PATK) acquired L.S. Manufacturing, Inc.for $11 million
on July 5, 2016. Post acquisition Patrick Industries will continue to operate the business
on a stand-alone basis under the LS Mfg. brand name in its existing facility. L.S.
Manufacturing, Inc. trailing 12-month revenues through May 2016 were $12 million.
Thor Industries Inc. (NYSE:THO) acquired substantially all of the assets of Jayco, Inc.
from Bontrager family for approximately $580 million in cash on June 30, 2016. Under the
terms of the agreement, the consideration price will comprise of cash consideration of
$572.5 million subject to adjustments of Seller Representative Holdback Funds of $5
million and Escrow Funds of $4.5 million.
Source: Capital IQ
9
Automotive
M&A Update | December 2016
Selected Automotive Industry Transactions (continued)
Selected Automotive Transactions
Transaction
Size ($mm)
Buyers / Investors
EV /
EBITDA
Date
Target / Issuer
06/28/2016
General Products Corporation
$12
AAA-GPC Holdings, LLC
-
05/23/2016
General Cable Corporation
$71
Standard Motor Products, Inc.
-
04/08/2016
Quantumfuel Systems Technologies Worldwide, Inc.
$25
Douglas Acquisitions, LLC
-
03/11/2016
Cruise Automation, Inc.
$578
General Motors Company
-
02/29/2016
Federal-Mogul Holdings Corporation
$282
IEH FM Holdings LLC
02/29/2016
Pittsburgh Glass Works LLC
$635
LKQ Corporation
-
02/26/2016
DYK Automotive, LLC
$137
The Sterling Group, L.P.
-
02/24/2016
Prestone Products Corporation
$230
KIK Custom Products, Inc.
-
02/17/2016
Metropolitan Automotive Warehouse, Inc.
$23
Parts Authority Metro LLC
-
02/16/2016
AFX Industries L.L.C.
$77
Exco Technologies Limited
-
02/02/2016
MICO, Incorporated
$75
WABCO Holdings Inc.
-
02/02/2016
Key Safety Systems, Inc.
$920
Ningbo Joyson Electronic Corp.
-
6.6x
Transaction Comments
AAA-GPC Holdings, LLC agreed to acquire General Products Corporation for $11.5
million on June 26, 2016. AAA-GPC Holdings, LLC will, at the closing, deposit $4 million
into escrow.
Standard Motor Products Inc. (NYSE:SMP) signed a definitive agreement to acquire
automotive ignition wire business from General Cable Corporation (NYSE:BGC) for
approximately $71 million on May 23, 2016. As per terms, cash consideration of $71
million is subject to customary post-closing adjustments.
Douglas Acquisitions, LLC entered into asset purchase agreement to acquire
substantially all assets of Quantum Fuel Systems Technologies Worldwide Inc.
(OTCPK:QTWW.Q) for $25.3 million on April 8, 2016. The aggregate purchase price the
amount required to satisfy in full all of Quantum Fuel Systems Technologies’ obligations
to Western Alliance Bank.
General Motors Company (NYSE:GM) agreed to acquire Cruise Automation, Inc. from
Signia Venture Partners, Spark Capital Partners, LLC, Felicis Ventures and others on
March 11, 2016.
IEH FM Holdings LLC proposed to acquire remaining 18.01% stake in Federal-Mogul
Holdings Corporation (NasdaqGS:FDML) for approximately $240 million in cash on
February 28, 2016. Federal-Mogul shareholders would receive $7 in cash for each of their
Federal-Mogul shares.
LKQ Corp. (NasdaqGS:LKQ) entered into a definitive agreement to acquire Pittsburgh
Glass Works LLC from Kohlberg & Company, L.L.C. and PPG Industries, Inc.
(NYSE:PPG) for approximately $640 million on February 26, 2016.
Sterling Group Partners III, L.P. managed by The Sterling Group, L.P. agreed to acquire
DYK Automotive, LLC from Dobbs Management Service, LLC and others for
approximately $140 million on February 26, 2016.
KIK Custom Products Inc. signed an agreement to acquire Prestone Products
Corporation from Autoparts Holdings Limited and UCI Holdings Limited for $230 million
on February 24, 2016.
Parts Authority Metro LLC agreed to acquire substantially all assets of Metropolitan
Automotive Warehouse, Inc. in a stalking horse bid on February 12, 2016. The proposed
purchase price for Metropolitan assets is believed to be approximately $24 million, arrived
using formulae used by Parts Authority.
Exco Technologies Limited (TSX:XTC) entered into an agreement to acquire AFX
Industries L.L.C. for $77 million on February 16, 2016. Consideration will be satisfied $73
million in cash and $4 million in debt assumed liabilities.
WABCO Holdings Inc. (NYSE:WBC) acquired MICO, Inc. for $74.5 million on February 1,
2016. Consideration included $7.3 million of cash acquired. For the year ended
December 31, 2015, MICO generated revenues of approximately $52 million. Subsequent
to the acquisition.
Ningbo Joyson Electronic Corp. (SHSE:600699) entered into a definitive agreement to
acquire Key Safety Systems, Inc. from funds managed by FountainVest Partners,
Canada Pension Plan Investment Board, Crestview Partners, L.P. and members of Key
Safety Systems Management for approximately $920 million in cash on January 29,
Source: Capital IQ
10
Automotive
M&A Update | December 2016
Contact Us
Peakstone is an investment bank that specializes in mergers and acquisitions advisory and capital raising for middle market
clients. Our team is comprised of senior investment banking professionals who have decades of experience and have executed
hundreds of transactions totaling billions of dollars. For additional information, visit www.peakstone.com or contact Alex Fridman
at [email protected] or 312-346-7303.
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