D’Ieteren Group is pleased to announce that, further to the press releases dated February 14 and March 14, 2022, it has closed the acquisition of Parts Holding Europe (PHE), a Western European leader in independent distribution of vehicle spare parts present in six countries: France, Belgium, The Netherlands, Luxemburg, Italy and Spain.
The transaction has been approved by the European Commission, subject to the disposal of PHE’s specialized glass repair activities.
The acquisition price corresponds to an Enterprise Value of €1.7bn, resulting in an equity consideration paid of €571m (€540m equity as previously announced plus cash generated by the company since January 1st, 2022), to be financed with D’Ieteren Group’s excess liquidity. This corresponds to an EV/EBITDA 2021 multiple of 6.9x.
At the date of the closing, D’Ieteren Group owns 100% of PHE and will fully consolidate the company (global consolidation) as from August 1st, 2022. Minority investors, including management and several partners and independent distributors will invest alongside D’Ieteren Group in PHE, up to a combined ownership of c.10%.