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Automotive M&A Review

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Automotive M&A Review FOR MANUAL HEADERS UPDATE HERE (as well as on the main front cover): COVER TITLE COVER SUBTITLE Automotive M&A review Q2 2019 Financial Advisory Contents Introduction 03 Highlights 04 Notable transactions 06 Intelligence 08 Statistics 09 Automotive M&A review Q2 2019 | Deloitte Financial Advisory Introduction Welcome to the Q2 2019 edition of Deloitte’s Automotive M&A review, the latest in a series of quarterly updates that provides an overview of relevant news and transaction activity in the Automotive sector. We hope you enjoy the summary and find it both interesting and informative. If you have any questions, comments or would like to discuss the sector in more detail, please do not hesitate to get in touch. Deloitte Financial Advisory - Industrials This publication is an easy to digest summary of information sourced from publicly available and third party sources and has not been checked or verified in any way 03 Automotive M&A review Q2 2019 | Deloitte Financial Advisory Highlights Global automotive indices were volatile in Q2 2019, and European and North American indices finished the quarter down on Q1, despite some recovery in June. With the exception of Uber’s IPO, major transactional activity was muted European and North American automotive indices were volatile Figure . Regional utomotive dex erformance1 during the quarter and, despite initial gains, ended the period lower (Figure 1). The AsiaPac index followed a comparatively 115 steadier trajectory and was flat over the period. Key themes 110 continue to be sector consolidation, portfolio realignment, 105 new technologies, trading relationships and consumer demand. 100 95 Total announced M&A deal value in the period was $8.2bn (Figure 90 2), down on the previous quarter of $12.4bn. Nonetheless, three 85 deals were recorded with a transaction value over $1bn, including 80 TDR Capital’s $2.9bn offer for UK used vehicles marketplace BCA Apr-19 May-19 Jun-19 Marketplace. The equity markets enjoyed some recovery in capital Europe N.America AsiaPac issuance, including the much-anticipated IPO of Uber, which raised proceeds of $8.1bn. Figur & ea alu egio ubsecto 019 5000 Figure 3 provides quarter-on-quarter multiples for a variety of automotive sub-sectors. Trading multiples had a mixed performance in the quarter. Share prices declined very slightly 2500 on average across the quarter (less than 1%), with the strongest 1500 performing sub-sectors being Automotive Sales (10%) and Aftermarket (12%). Of the OEMs, Ford had a particularly strong $m quarter (17%) with a significant investment in the electric 750 vehicle space. 0 Tires Sales Chassis Exteriors Controls & Interiors & Diversified Electronics Powertrain Automotive Aftermarket Europe N.America AsiaPac Figure . Trading tiples2 14.0 11.5x 12.0 11.0x 10.9x 11.0x 10.4x 10.7x 10.0x 10.2x 10.0 8.8x 8.6x 8.0 7.2x 6.7x 6.6x 6.6x 6.0x 6.0x 6.3x 6.2x 5.8x 5.8x 5.5x 5.5x 5.7x 5.6x 6.0 5.1x 5.1x 5.1x 5.1x 5.3x 4.8x 4.8x 5.1x 5.1x 4.4x 4.6x 4.0x 4.0 CY EV/EBITDA (times) 2.0 0.0 OEMs Chassis Controls & Diversified Interiors & Powertrain Tires Aftermarket Automotive Electronics Exteriors Sales Q318 Q418 Q119 Q219 Note: The multiples are derived from FactSet without adjustment and are dependent on FactSet’s analysis of the constituent companies’ financial performance. In the case of OEMs, FactSet may exclude certain financial assets from its calculation of enterprise value, which can lead to high multiples ¹ STOXX 600 Automobiles & Parts regional indices ² Multiples shown above are the median, current year (“CY”) EV/EBITDA multiple for a representative group of companies Source: FactSet, Deloitte analysis 04 Automotive M&A review Q2 2019 | Deloitte Financial Advisory OEMs Automotive sales The M&A highlight of the quarter was a deal that did not happen. BCA Marketplace, the UK used vehicles marketplace, received an FCA proposed a €33bn all-share merger with Renault which would offer from private equity operator TDR Capital that values BCA’s have seen the combined business ranked third globally in terms of equity at $2.4bn. The enterprise value under the offer equates to vehicle sales. FCA subsequently withdrew its proposal, stating that circa 12.5 times BCA’s reported adjusted EBITDA. “the political conditions in France do not currently exist for such a combination to proceed successfully”. UK car dealership Pendragon undertook an operational & financial review following poor trading, particularly in its used car division, Volkswagen successfully completed the Frankfurt and NASDAQ and operational issues. The business subsequently disposed of Stockholm listing of a 11.5% equity stake in Traton, its truck division two US JLR dealerships to Lithia Motors for $77m and will provide a that includes the Man and Scania brands. The transaction raised strategic update to investors in Q3. approximately $1.7bn for VW and valued Traton at $15.3bn, equivalent to nearly nine times 2018 EBIT. Telematics The theme of tire OEMs investing in the telematics sector Tesla, the EV specialist, confirmed many market commentators’ continued, with Michelin announcing the acquisition of Masternaut, expectations and raised $2.35bn via the issue of $750m of equity a leading European telematics provider. Masternaut operates and $1.6bn of convertible bonds. The funds will be used for “general primarily in France and the UK and manages over 220,000 mostly corporate purposes”. light utility vehicles under contract. Michelin cited benefits such as the accelerated development of its Services & Solutions business Battery for light vehicles, the potential for geographical expansion and Northvolt, the European battery start-up, undertook a capital the increased volume of data capture enabling greater services. raising to help construct the first phase of its battery factory in Consideration was stated as eight times 2018 EBITDA. northern Sweden. When complete, the factory will produce 16 gigawatt hours of lithium-ion batteries per year. Equity funding of Autonomous driving $1bn was invested by VW and BMW amongst others. Additional Apple acquired autonomous driving startup Drive.ai. Terms have debt capital was provided by the European Investment Bank not been disclosed although reports suggested consideration ($400m) and other lenders. In addition, Northvolt established a would be less than the $77m raised in venture capital to date. joint venture with VW to develop a 16GWh battery cell gigafactory in Lower Saxony, Germany. Renault, Nissan and Mitsuibishi have agreed to partner with Waymo, Alphabet’s autonomous vehicle unit, to explore driverless Daimler invested $100m for a 10 per cent equity stake in Sila mobility services. The partnership will involve establishing “alliance- Nanotechnologies, a Californian battery materials start-up. focused” joint venture companies in France and Japan. Sila, which raised a total of $170m, focuses on chemistries that enable higher energy densities and claims that its materials can Ford agreed to invest $500m in Rivian, an EV start-up that has improve the density of batteries by 20 per cent. Its products have developed its own battery pick-up truck. Amazon is an existing applications in a variety of end markets including electric vehicles. investor in the venture. Brakes TuSimple, a San Diego based autonomous truck company closed a The Dutch braking systems manufacturer, Chassis Brakes $200m Series D financing. TuSimple is undertaking a mail delivery International, which was put up for sale by KPS Capital in January trial for the US Postal Service between Phoenix and Dallas. 2019, was sold to Hitachi Automotive Systems. Terms were not disclosed, although KPS reportedly made a six times return on Ride-hailing its investment. CBI was established by KPS in 2012 to acquire the Uber become the second ride-hailing company to publicly list its automotive foundation brakes business of Robert Bosch. shares, following in the footsteps of Lyft’s Q1 IPO. The business raised $8.1bn in new capital at a valuation of $82bn, pricing at the Controls & Electronics bottom end of its reported price range. At the end of the quarter, Veoneer, the Swedish safety systems specialist, raised $600m in Uber’s shares were trading marginally below their issue price. equity and convertible loan notes for working capital purposes following weak trading. Source: Company announcements, press 05 Automotive M&A review Q2 2019 | Deloitte Financial Advisory Notable transactions Transaction Sector Date Description Detail BCA Marketplace Automotive 20-Jun TDR Capital acquired BCA Marketplace, the listed UK- Value: $2,901m Target Sales based second-hand car auctioneer and owner of the EV/Rev: 0.7x TDR Capital ‘WeBuyAnyCar.com’ brand. BCA Marketplace is one of the EV/EBITDA: 12.4x Acquirer UK’s largest auction and remarketing business, selling over one million vehicles per annum Chassis Brakes Brakes 19-Jun Hitachi Automotive, the automotive components and systems Value: $772m Target subsidiary of Hitachi, acquired Chassis Brakes International, EV/Rev: 0.7x Hitachi Automotive one of the world’s largest manufacturers of automotive EV/EBITDA: 11.8x Acquirer foundation brakes and components. The transaction is in line with Hitachi Automotive’s strategy to enhance its core business areas of powertrain, chassis and safety systems Pritex Interiors 29-May French industrial conglomerate Saint-Gobain acquired UK- Value: n/d Target based acoustic-insulation company Pritex. Saint Gobain’s EV/Rev: n/d Saint Gobain stated intention is to combine Pritex’s thermo-acoustic EV/EBITDA: n/d Acquirer capabilities with its existing automotive glazing expertise to develop differentiated noise control and lightweight products for electric vehicles GuardKnox Controls & 28-May The venture fund of automotive technology company Investment: n/d Investee Electronics Faurecia invested in GuardKnox, an Israeli automotive cyber- Implied value: n/d Faurecia security provider.
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