Aftermarket Insider Volume 64 - (Page 8)

MARKET RESEARCH noW in smArtbrieF Here’s the Deal: New Automotive Aftermarket Quarterly M&A Update Select Recent Automotive Af termarket M&A Transactions Date Target April 2010 Acquirer Commen ts Slime Tire Sealant , also known as Accessories Mar acquired by Illin keting, was ois Tool Works (ITW), a manufac products and equ turer of industria ipment l February 2010 First Qu Capital Markets te Capital Markets terly M&A Upda termarket Quar Automotive Aftermarket Quarterly M&A Update Automotive Af February g Practice 2010 ment Bankin rmarket Invest investment ive Afte We combine an Our Automot arket industry. January 2010 (All in solutions. Plu U.S. Merger & Acquisition Trends ply chaIndustries)s, BB&T s in the afterm sup to drive succes tive es arter 2010 Nationwide Auto centres, a UK-base d independent ope automotive serv rator of ice centers, was acquired by Half automotive part ords, a UK-base s retailer and serv d ice provider, for Nationwide Aut First Quarter92010 ocentres generated annual sales of$1150mm in 200 $15 mm Affinia sold Qui nton Hazell, its European distribu Klarius, a UK-base tion group, to d manufacture r of aftermarket and OE parts it tak r to the w what Merger and acquisition activitywell as innova Mig strategic lender, as picked up meaningfully – from manufacture buoyed by renewed confidence amonghty Distributing System Markets, we kno channel in the first quarter a top industry distribution ope At BB&T Capital entire industry ermarket with and significant improvement in the credit markets which has revitalized private equity. We expect the recent momentum ns, was of America, a franchisor of parts ratio buyers earch to investors on the acquired by Gon icated to the aft Mexico-based her Group, a ity res king team ded manufacturer of ban winning equ M&A to continue throughout 2010. As January 2010 below depicts, the expected en filters and additive in the chart provides award ior debt. Wh increase in M&A volume is consistent with s Capital Markets erwriting and sen activity as the economyser vices, equity priordebt und emerged from and recessions. Zep acquired AmR er. tall ry ep, a manufacture professional ins automotive, jani r of specialty che ers M& A adviso torial, and indu micals for the ital Markets off road. strial segments Total cash conside e firm, BB&T Cap . rubber meets the ration for the dea As a full-servic l, go where the December 2009 l was $64 mm generated $106 Total Number of U.S. Transactions Announced Since 1980 (All Industries) t business dea and AmRep mm in revenue es to your nex and $9.9 mm in it com EBITDA Glo 12,000 nking Services 10,000 Investment Ba ings vate Debt Financ Public and Pri ancings vate Equity Fin ts is one of the T Capital Marke • BB& ory income 8,000 over December 2009 uisitions Advis all Street” fixed Markets raised Mergers & Acq largest “Off-W • BB&T Capital with gs nts in the U.S . h public offerin ts closed more distribution age $44 billion throug T Capital Marke • BB& 6,000 5 150 associates 1983 2 200 1992 deals since 200 approximately of equity since than 150 M& A November 2009 +37% +29% es more ity panies Markets manag dle-market com 4,000 • Nationally recognized equ • BB&T Capital ounts • Focus is on mid by r I, II and III acc are suppor ted than 3,000 Tie M& A, earch analysts res e sell-side sales • Ser vices includ nal and retail ness opinions 2,000 strong institutio October 2009 and fair buy-side M& A abilities and trading cap 0 aftermarket include strong • Ser vices ge ch coveraOctober 2009 por t with resear sup Source: FactSet MergerStat cent of Notes: Shaded areas (grey)roximately 90 per economic recessions on app representgreater than $25 mm Data reflects all transactions cks underwritten sto December 2009 2003 +9% bal Parts Distribu tors, a regional and radiators was distributor of A/C parts acquired by Ow ner Resource Gro equity group up, a private Public and Pri Twinco Romax, a distributor and manufacturer of fluids and related automotive aftermarket prod ucts, was acquire ShoreView, a priv d by ate equity grou p British Car Auc tions, a used veh icle auction com in the UK, was pany based acquired by Clay ton, Dubilier & equity group Brit Rice, a private ish Car Auction s generated ann approximately ual sales of $5.3 billion (£3. 3 billion) Huron Capital Partners, a priv ate equity grou Q1 stake in Maple2010 p, acquired a maj Leaf Automotive ority , a Canadian-ba replacement+33% sed manufacture parts r of Madison Capital Partners, a priv ate equity grou majority stake p, acquired a YTD of SPX's filter busi YTD ness, Filtran 2009 2010 2009 tomot l Markets Au Q1 2009 BB&T Capita Rex GReen king Investment Ban 617-316-1332 .com en@bbandtcm rgre Rey Jonathan Ca $100-$250 mm king Investment Ban $250-$750mm 6-1336 617-31 >$750 mm bbandtcm.com jcarey@ <$100 mm 5.4x 6.3x 7.2x 7.0x Enterprise Value to EBITDA Transaction Aftermarket Te ive Multiples By Size Q2 2009 Source: Capital IQ lMarkets BBTCapita Notes: Includes all majority stake acquisitions with publically disclosed EBITDA multiples (excluding outliers less than 2.0x and greater than 15.0x) Excludes deals in the healthcare, technology, and financial services sectors Enterprise Value = Value of equity plus debt minus cash on. Securities of BB&T Corporati ed by any EBITDA = Earnings before interest, taxes, depreciation and amortization ank subsidiary insur ly-owned nonb by a bank , not gfellow is a whol ed, not guaranteed license from the owners. . Scot t & Strin not FDIC insur ber NYSE /SIPC are used under not a deposit, gfellow, LLC, mem by Scot t & Stringfellow are No. 33 race car ess of the of Scot t & Strin ed er, Inc. ess, and the liken ets is a division ed or recommend s of Clint Bowy s, personal liken BB&T Capital Mark ucts or annuities sold, offer are trademark . All trademark prod er’s autograph . ©20 09 BB&T and insurance and Clint Bowy and may lose value CLINT BOW YER federal agency in ve st me nt Ba nk in g • Co rp or at e provide the Automotive Aftermarket Quarterly M&A Update, a comprehensive report discussing trends and deal activity in the automotive aftermarket. The report provides a quarterly snapshot of M&A bellwethers such as deal activity, which buyers are in the current market, what industry segments are garnering attention, private AAIA and bb&T Capital Markets have partnered to 1980 1981 1982 1983 1984 1985 1986 1987 s roBerts Bas 6.4x king Corporate Ban 6.8x 336 -733-2734 7.5x .com rbass@bbandt 6.7x ge me ris k ma na Ba nk in g • 1988 October 2009 1989 .com 1990 1991 1992 1993 1994 1995 1996 am Q4 2009 6.3x 6.9x 8.6x 8.4x Q3 2009 er pete LoesCh nce 6.4x Supply Chain Fina 404 -442-5006 6.9x dt.com ploescher@bban 6.9x 8.4x equity interest in the aftermarket and an overview of leveraged finance. This report will be published each quarter by BB&T and AAIA and featured in AAIA SmartBrief. Included in this spread are samples of some of the charts and information included in the first issue. To view the full report, visit www.aftermarket.org. 1997 1998 nt 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 Tire Warehouse, a tire store cha in, was acquire Brake & Services d by Monro Muf for $34 mm. fler Tire Warehouse generated sale s of $53 mm and company-owned consists of 40 tire stores and 6 franchised stor es Solera acquired AutoOnline, a European eSalvag platform, in a dea e vehicle exchang l worth approxi e mately $100 mm AutoOnQ1 2010 line generated . sales of $26 mm and EBITDA of $10 mm 6.5x 7.1x 10.4x 9.3x 6 1 3 ner 8 | AFTERMARKET INSIDER | VOLUME 64 http://www.aftermarket.org/Publications/BBT-MA-Quarterly.aspx

Table of Contents for the Digital Edition of Aftermarket Insider Volume 64

Aftermarket Insider Volume 64
Contents
President's Message
Knowledge Is Power
The Center of It All
Market Research
Association News
Member Profile
Toolbox
Campaign Update
International Focus
Technology Update
Company Profile
Inside Legislation
Market Research

Aftermarket Insider Volume 64