Covercar Acquired by Brose Sitech in Strategic Automotive Move
Deal News | Feb 27, 2025 | Iberian Lawyer
Pinsent Masons advised Brose Sitech on acquiring a majority stake in Covercar, a Barcelona-based manufacturer specializing in car seat production. Founded in 1993 by Herminio García Baragaña, Covercar has operations in Spain, Portugal, and Morocco, employing over 1,000 people. Brose Group, with EUR 7.9 billion sales in 2023, looks to integrate seat covers into its car seat systems, enhancing its product portfolio and market reach. Alejandro Garcia will remain at the helm of Covercar to continue revolutionary market endeavors, following this strategic acquisition.
Sectors
- Automotive Manufacturing
- Legal Advisory
Geography
- Spain – Headquarter location of Covercar and significant geographic focus of operations.
- Morocco – One of the operations locations for Covercar, expanding Brose Sitech's geographic manufacturing footprint.
- Portugal – Part of Covercar’s operational network, signifying geographic diversification for Brose Sitech.
Industry
- Automotive Manufacturing – Relevant due to the acquisition involving car seat manufacturing and supply chain expansion.
- Legal Advisory – Pinsent Masons' role in advising the acquisition classifies this in the legal sector.
Financials
- EUR 7.9 billion – Reported sales by Brose Group in 2023, demonstrating financial capacity for acquisitions.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Covercar | Target Company | Company | A family-owned car seat manufacturer based in Barcelona, with an established footprint in Spain, Portugal, and Morocco. |
| Brose Sitech | Bidding Company/Buyer | Company | A company expanding its automotive component line through acquisition. |
| Pinsent Masons | Legal Advisor | Company | Provided legal advisory services for Brose Sitech in the acquisition. |
| Alejandro Garcia | CEO of Covercar | Person | Son of Covercar's founder, continuing operational management post-acquisition. |
| Alejandro Mas Deudero | Team Leader | Person | Led the advisory team facilitating the acquisition. |
| Florian Von Baum | Collaborative Partner | Person | Collaborated from Germany in advisory capacity. |