STANDARD MOTOR PRODUCTS, INC. (SMP): M&A transaction — Standard Motor Products completes $390M acquisition of Nissens Automotive

STANDARD MOTOR PRODUCTS, INC.

Acquired 100% of Nissens Automotive for ~$390M (€360M) net of cash and debt, closed Nov 1, 2024.
Funded via borrowings under SMP's credit facility with JPMorgan Chase Bank.
Nissens is a European manufacturer/distributor of engine cooling, A/C, and vehicle control technologies.
Acquired from Nordic PE firm Axcel and the Nissen family; creates aftermarket leader in NA and Europe.
CEO cites cross-selling and bi-directional synergies; Nissens' leadership team stays on.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

STANDARD MOTOR PRODUCTS, INC. completed an acquisition involving AX V Nissens III ApS and its direct and indirect subsidiaries (Nissens Automotive) for approximately $390 million (€360 million), net of cash and assumed debt and subject to certain post-closing adjustments (closed 2024-11-01).

Action: acquisition
Counterparty: AX V Nissens III ApS and its direct and indirect subsidiaries (Nissens Automotive)
Consideration: approximately $390 million (€360 million), net of cash and assumed debt and subject to certain post-closing adjustments
Closing: 2024-11-01

Exact text from the filing

among the Company, the sellers party thereto, and Axcel V K/S, as the sellers’ representative. At the closing of the Acquisition, the Company paid consideration of approximately $390 million (€360 million), net of cash and assumed debt and subject to certain post-closing adjustments. The Company funded the Acquisition with borrowings under the Company's credit

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Source: SEC EDGAR

accession 0000093389-24-000045

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