SMP to acquire Nissens Automotive for ~$388M; accretive in first full year

STANDARD MOTOR PRODUCTS, INC.

Purchase price ~$388M (€360M) cash; 7.5x EBITDA after estimated $10M run-rate cost synergies.
Nissens has ~$260M annual revenue and mid-teens EBITDA margin; SMP expects $8-12M in cost synergies within 24 months.
Acquisition to be immediately and meaningfully accretive to GAAP EPS; expected close H2 2024 subject to antitrust clearance.
Financing via new $125M term loan and existing revolver; J.P. Morgan, BofA, Wells Fargo providing committed financing.

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