Standard Motor Products Completes Acquisition of Nissens Automotive
Deal News | Nov 01, 2024 | PR Newswire Cision Standard Motor Products, Inc.
Standard Motor Products, Inc. (SMP), a leading manufacturer and distributor in the automotive aftermarket, has finalized its acquisition of the European company Nissens Automotive for approximately $390 million (€360 million). Nissens, known for its engine cooling and air conditioning products, will enhance SMP’s offerings in North America and Europe through expanded product categories and market reach. The acquisition was made from Axcel, a Nordic private equity firm, and the Nissen family. SMP aims to leverage synergies, cross-selling opportunities, and a strong leadership team from Nissens to drive growth. Managed under the experienced guidance of Eric Sills, SMP looks to integrate Nissens' robust leadership and cultural assets to consolidate their position as a market leader. This acquisition represents a strategic move to capture greater market share and enhance service capabilities across the aftermarket and vehicle control technology segments.
Sectors
- Automotive Aftermarket
- Private Equity
Geography
- United States – Standard Motor Products is based in the United States.
- Europe – Nissens Automotive, the acquired company, is a European supplier.
- Denmark – Nissens Automotive is headquartered in Horsens, Denmark.
Industry
- Automotive Aftermarket – Relevant as both Standard Motor Products and Nissens are involved in manufacturing and distributing aftermarket automotive parts.
- Private Equity – Axcel, a private equity firm, was the vendor in the transaction.
Financials
- 390 million – Purchase price of Nissens by Standard Motor Products, net of cash and assumed debt.
- 360 million – Equivalent in euros for the purchase price of Nissens.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Standard Motor Products, Inc. | Acquirer | Company | A leading manufacturer and distributor of automotive parts based in the USA. |
| Nissens Automotive | Target | Company | A European supplier of thermal management and engine efficiency products. |
| Axcel | Vendor | Company | Nordic private equity firm that was one of the sellers of Nissens. |
| Nissen Family | Vendor | People | Co-sellers alongside Axcel of Nissens Automotive. |
| Eric Sills | CEO | Person | CEO and Chairman of Standard Motor Products. |