In its press release dated February 14th, 2022, D’Ieteren Group announced having entered into exclusive negotiations with Bain Capital Private Equity for the acquisition of Parts Holding Europe (PHE).
Following the information and consultation process with PHE’s works councils, D’Ieteren Group and Bain Capital Private Equity have signed today a definitive agreement regarding the acquisition of PHE, which values PHE at an Enterprise Value of €1.7bn, resulting in an equity value of €540m.
Completion of the transaction remains subject to the approval of the relevant competition authorities and is expected by the end of the third quarter 2022.
In existence since 1805, and across family generations, D’Ieteren Group seeks growth and value creation by pursuing a strategy on the long term for its businesses and actively encouraging and supporting them to develop their position in their industry and geographies. The Group currently owns the following businesses:
Belron (50.01% of economic rights, fully diluted) has a clear purpose: “making a difference by solving people’s problems with real care”. It is the worldwide leader in vehicle glass repair and replacement and operates in 40 countries, through wholly owned businesses and franchises, with market leading brands – including Carglass®, Safelite® and Autoglass®. In addition, Belron manages vehicle glass and other insurance claims on behalf of insurance customers. Sales and adjusted operating result reached respectively €4,647m and €815m in FY-21.
D’Ieteren Automotive (100% owned) distributes Volkswagen, Audi, SEAT, Škoda, Bentley, Lamborghini, Bugatti, Cupra, Rimac and Porsche vehicles in Belgium. It has a market share of more than 23% and 1.2 million vehicles on the road. Its business model is evolving towards “improving the lives of citizens with fluid, accessible and sustainable mobility”. Sales and adjusted operating result reached respectively €3,239m and €103m in FY-21.
TVH Parts (40% owned), is a leading global independent distributor for aftermarket parts for material handling, construction & industrial, and agricultural equipment. It operates in 26 countries worldwide. It has a unique operating model and has a clear purpose of “keeping customers going and growing”.
Moleskine (100% owned) is a premium and aspirational lifestyle brand which develops and sells iconic branded notebooks and writing, travel and reading accessories through a global multichannel platform. Its purpose is to “unleash the human genius through hands on paper to empower creativity and knowledge in each individual and the entire world”. Sales and adjusted operating result reached respectively €122m and €12m in FY-21.
D’Ieteren Immo (100% owned) groups together the Belgian real estate interests of D’Ieteren Group. It owns and manages 37 sites which generated €21.7m net rental income in FY-21. It also pursues investment projects and carries out studies into possible site renovations.