2015 AUTOMOTIVE AFTERMARKET MERGERS AND ACQUISITIONS YEAR IN REVIEW AND OUTLOOK
BB&T Capital Markets is a division of BB&T Securities, LLC, member FINRA/SIPC. BB&T Securities, LLC, is a wholly owned nonbank subsidiary of BB&T Corporation. Securities or insurance products and annuities sold, offered or recommended are not a deposit, not FDIC insured, not guaranteed by a bank, not guaranteed by any federal government agency and may go down in value.Information contained herein has been obtained from sources we believe to be reliable and accurate, but we do not guarantee its accuracy or completeness. This material is not to be considered an offer or solicitation regarding the sale of any security. © 2016, Branch Banking and Trust Company. All rights reserved. Introduction
BB&T Capital Markets (“BB&T”) and the Automotive Aftermarket Suppliers Association (“AASA”) are pleased to bring you the 2015, and fifth annual, Automotive Aftermarket M&A Overview. This publication, which is a collaboration between BB&T and AASA, is intended to serve as a review of notable deals and deal trends in the automotive aftermarket in 2015. It also looks forward to the deal market in 2016 and beyond. Transactions have played and will continue to play an increasingly important role in the transformation of the aftermarket. Deals have the power to change the market, alter the customer base, and challenge companies’ competitive positions. The aftermarket provides investors, whether strategic or financial, with above market returns for what is otherwise below market risk. Couple this with what is still a very fragmented aftermarket and we anticipate M&A deal volume will remain strong. This publication is an effort by BB&T and AASA to ensure that companies in the aftermarket – and the investors behind them – understand what is happening in the market and stay ahead of the curve on transaction trends.
Thank you,
Joseph N. Sparacino Jay Burkhart Senior Vice President Vice President Head of Aftermarket Investment Banking Practice Chief Strategy Officer BB&T Capital Markets Automotive Aftermarket Suppliers Association 617.316.1334│ [email protected] 919.406.8846│ [email protected]
BB&T Capital Markets is the leading investment bank to The Automotive Aftermarket Suppliers Association the aftermarket. The firm provides unparalleled industry exclusively represents the North American Aftermarket expertise with best‐in‐class transaction execution. BB&T supplier industry. AASA and its parent MEMA is Capital Markets has the longest‐tenured aftermarket recognized as one of the nation’s strongest and most practice on Wall Street, and offers merger & acquisition prominent trade organizations with more than 100 years advisory, capital raising, and a full suite of investment of experience. AASA’s sole mission is to help its members, banking services to the entire aftermarket channel and in the aftermarket suppliers, to be more profitable, every segment of the industry. innovative, and competitive on a global scale.
www.bbtcapitalmarkets.com www.aftermarketsuppliers.org
1 Table of Contents
. Overview of U.S. M&A Activity
. Automotive Aftermarket Commentary
. Select 2015 Aftermarket Trends and Observations Commentary
. What to Expect in 2016
. Appendix: Public Aftermarket Metrics & Select 2015 Aftermarket Transactions
2 The U.S. M&A Market Hit New Multi‐Year Highs in 2015
. 2015 saw a new high in the number of M&A deals closed
− Buyers, both strategic and financial, remain flush with cash, and continue to pursue acquisitions aggressively − Strategic buyers continue to use M&A to expand market share and drive growth − Although the Federal Reserve began to raise interest rates during the fourth quarter, rates remain near historic lows and debt availability supports continued high levels of leverage − Elevated levels of dry powder and cheap financing are driving financial sponsors to aggressively pursue quality acquisition targets and allowing firms to offer more competitive bids . In the U.S., there were 12,880 M&A transactions across all industries in 2015
− 2015 deal volume outpaced 2014 by 8.1%, as improving macroeconomic dynamics and favorable lending conditions emboldened acquirers − Private equity continues to play an active role in the middle market, having a positive and increasingly important impact on the number of M&A deals
Number & Value of Total U.S. Transactions (For transactions with disclosed value)
1,600 1,464 1,391 1,400 1,288
1,200 1,086
1,000 853 773 753 Deals
800 of 615 # 600 514 526 418 367 400 310 334 296 257 292 217 222 203 234 193 163 158 200
– $1 billion + $500m to $1 billion $250m to $500m $100m to $250m $25m to $100m Under $25m
2012 2013 2014 2015
Sources: FactSet, Renaissance Capital, The Wall Street Journal
3 Strategic & Private Equity Buyers Maintain Historic Levels of Buying Power Despite Significant M&A Activity
. Although acquirers continued to aggressively deploy capital in M&A transactions throughout 2015, strategic and private equity buyers maintain substantial purchasing power − The aggregate cash balances of S&P 500 companies increased to a historical high of $1.44 trillion and the private equity community continued to fundraise at a significant pace . Credit markets remained robust throughout 2015 − 2015 leverage multiples were near pre‐recession highs − Leverage multiples began to compress in large cap deals toward the end of 2015, but this contraction did not reach the middle market
S&P Cash Balances U.S. Private Equity Dry Powder ($ in billions) ($ in billions)
Strategic buyers remain flush with cash, as cash balances U.S. private equity firms hold a significant across S&P 500 constituents have increased every year since amount of dry powder and must put it to work 2006
$1,410 $1,430 $1,440 $539 $530 $533 $543 $509 $501 $499 $470 $474 $1,210 $1,160 $426 $1,080 $960
$750 $760 $790
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Sources: Pitchbook, Factset
Average Leverage Multiples in Middle Market Leveraged Buyouts1
Middle market leverage multiples were strong throughout 2015 2015 Snapshot
5.9x 5.6x 5.6x 5.3x 5.3x 5.0x 5.0x 4.8x 4.7x 4.5x 4.5x 4.2x 4.3x 3.3x
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Q1 Q2 Q3 Q4
(1) Expressed as a multiple of EBITDA Source: S&P LCD
4 The Fundamentals Remain in Place to Support Strong M&A Activity in the Near‐Term
. Private equity firms continue to own an historically high number of companies as a result of the record pace of fundraising and elongated hold periods − The median hold period for portfolio companies decreased meaningfully in 2015, but remains near historic highs − The number of private equity‐backed companies has grown every year over the past decade and exceeded 6,000 companies by year‐end 2015 . The combination of firms aggressively seeking to deploy capital along with the pressure to exit their current investments signals that private equity deal activity will likely remain strong
The Median Portfolio Company Hold Period Remains Near Historic Highs (In years)
The median portfolio company hold period dipped 6.1 slightly in 2015, although it remains near historic highs 5.5 5.2 5.3 4.8 4.2 3.7 3.7 3.5 3.3
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Source: Pitchbook
U.S. Private Equity Middle‐Market Company Inventory Continues to Increase
Inventory of private equity‐backed companies continues to rise, which is a proxy of future M&A, as these companies must be sold over the next few years
5,765 6,007 5,516 5,296 5,008 4,737 4,201 4,421 3,719 3,334 3,091
1,925 112 636
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Year acquired: Pre‐2000 2000 ‐ 2005 2006 ‐ 2010 2011 ‐ 2015
Source: Pitchbook
5 Table of Contents
. Overview of U.S. M&A Activity
. Automotive Aftermarket Commentary
. Select 2015 Aftermarket Trends and Observations Commentary
. What to Expect in 2016
. Appendix: Public Aftermarket Metrics & Select 2015 Aftermarket Transactions
6 2015 Was a Banner Year for the Automotive Aftermarket and Suppliers Accounted for Nearly Half of All Acquisitions
. 150 completed automotive aftermarket M&A deals were disclosed in 2015, up 21% from 124 deals in 2014, and surpassing the previous high of 136 deals in 2012 . Middle market deals (where enterprise values are less than $1 billion), accounted for the vast majority of aftermarket activity . Privateequityinvestorshavebecomewell‐attuned to the investment merits of the aftermarket, and Aftermarket Transactions continue to deploy capital with conviction (by Target Type) − Completed 19 platform acquisitions in 2015
− Made 49 add‐on acquisitions to existing Independent Other platform investments in 2015, up 17% from Servicers 8 2014 9 − There were 149 private equity‐owned Retailer 9 aftermarket companies at the end of 2015
. Strategic buyer activity in 2015 increased 26% over Supplier 2014 69 Collision Total: 150 . Distributor acquisitions increased 77% in 2015, and 25 the level of collision M&A activity remained on‐par with 2014 as that sector continues to consolidate
Distributor 30
Number of Aftermarket Transactions Number of Aftermarket Transactions (by Transaction Size) (by Buyer Type)
3 150 136 3 2 9 135 19 2 124 20 18 20 3 42 20
4 88 5 16 138 52 131 2 2 114 114 119 48 116 41 104 3 2 7 93 15 17 3 79 72 1 18 22 44 43 35 1 33 10 35 23 20 12 2007 2008 2009 2010 2011 2012 2013 2014 2015 2007 2008 2009 2010 2011 2012 2013 2014 2015
$0 ‐ $250m $250m ‐ $1b > $1 billion Strategic Buyers Financial Buyers
Note: Deals with no disclosed enterprise value were estimated by BB&T Capital Markets Source: Capital IQ
7 Notable Strategic‐Led Deals Occurred in All Segments of the Aftermarket During 2015
Notable Strategic Buyer Transactions ($ in millions)
(1)
Note: TEV defined as Total Enterprise Value (1) Denotes transactions where BB&T Capital Markets served as financial advisor Sources: Capital IQ, company press releases
8 Notable Strategic‐Led Deals Occurred in All Segments of the Aftermarket During 2015
Notable Strategic Buyer Transactions (Cont’d) ($ in millions)
(1)
Note: TEV defined as Total Enterprise Value (1) Denotes transactions where BB&T Capital Markets served as financial advisor Sources: Capital IQ, company press releases
9 Notable Private Equity‐Led Deals Occurred in All Segments of the Aftermarket During 2015
Notable Private Equity Transactions ($ in millions)
(1)
(1)
(2)
(2)
Note: TEV defined as Total Enterprise Value (1) Denotes transactions where BB&T Capital Markets served as financial advisor (2) Denotes transactions where BB&T Capital Markets served as advisor to the Board of Directors Sources: Capital IQ, company press releases
10 Private Equity‐Backed Strategic Acquirer Case Study: Driven Brands Acquires 1‐800‐Radiator & A/C
Transaction Overview On June 8, 2015, Driven Brands, a Charlotte, NC‐based family of automotive companies, acquired 1‐800‐Radiator & A/C (“1‐800‐Radiator” or the “Company”), a has been acquired by Benicia, CA‐based franchisor of specialty parts distributors. Financial terms of the transaction were not disclosed. a portfolio company of BB&T Capital Markets acted as exclusive financial advisor to 1‐800‐Radiator.
June 2015
1‐800‐Radiator & A/C Driven Brands Founded in 1982, 1‐800‐Radiator is a technology‐driven The Driven Brands family of automotive companies franchisor of specialty aftermarket parts distributors, serves as parent company for several businesses. through which it sells critical aftermarket parts to over The company has more than 1,500 centers across 166,000 active customers in the general automotive the U.S. and Canada, which are 100% franchisee‐ repair and collision markets. The Company has more owned. Combined, all businesses generate nearly than 200 franchisee‐owned locations across the U.S. $2 billion in system sales. Driven Brands is owned and Canada. 1‐800‐Radiator is headquartered in by Roark Capital Group and headquartered in Benicia, CA. Charlotte, NC. Select products: Select businesses:
Radiators Condensers AC Compressors Fan Assemblies
What Was Attractive About 1‐800‐Radiator & A/C? Driven Brands Has Grown Through Acquisition
• Technology‐driven market leader Year Acquisitions • Unique breadth of inventory with the same or better quality than OE equivalents 2013 • Product category management by SKU enables the Company to reduce return rates, solving a critical issue for its installer and collision customers • Same‐day service to areas representing over 90% of the population 2014 • Highly scalable business model • Profitable franchisees with strong unit economics • Experienced management team that has been directly responsible for disrupting the radiator 2015 supply market in North America
11 Private Equity‐Backed Strategic Acquirer Case Study: Holley Acquires MSD Group
Transaction Overview
On September 22, 2015, Holley Performance Products (“Holley”), a supplier of A portfolio company of branded performance parts and portfolio company of Lincolnshire Management (“Lincolnshire”), acquired MSD Group (“MSD” or the “Company”), a manufacturer has been acquired by and distributor of branded performance aftermarket parts, from Z Capital a portfolio Management (“Z Capital”). Financial terms of the transaction were not disclosed. company of
BB&T Capital Markets acted as financial advisor to MSD and Z Capital. September 2015
MSD Group Holley Performance Products MSD manufactures and distributes branded Holley is a leading supplier of performance performance aftermarket parts in the U.S. and abroad. aftermarket parts. Over the course of its history, The Company boasts state‐of‐the‐art manufacturing Holley has supplied every major American OEM facilities in Texas, Ohio, California, and Utah and carries manufacturer and today develops EFI systems for a broad array of products across eight main categories. street and professional racers. Select brands: Select brands:
What Was Attractive About MSD? MSD Product Categories . Industry leading brands and complementary products Ignition Controls . Recognized experts in ignition with established EFI products . Multi‐disciplined engineering team and strong Distributors institutional R&D capabilities . Manufacturing prowess in electronics and mechanical Data Acquisition components / Racing . Fully developed distribution model and strong direct‐ to‐customer (“DTC”) sales capabilities ECU Tuners . Well‐positioned with 100% CARB / EPA compliance . Market leading customer and technical service teams Ignition Coils and fully integrated ERP system . Strong product development pipeline supporting Fuel Injection meaningful growth Systems . Significant, attainable revenue and cost synergies Starters and Alternators Expect a healthy level of M&A in the performance aftermarket as major participants continue to Spark Plug Wires consolidate the highly‐fragmented sector
12 Table of Contents
. Overview of U.S. M&A Activity
. Automotive Aftermarket Commentary
. Select 2015 Aftermarket Trends and Observations Commentary
. What to Expect in 2016
. Appendix: Public Aftermarket Metrics & Select 2015 Aftermarket Transactions
13 Icahn Took Over Aftermarket M&A Headlines in 2015
. Icahn Enterprises (NasdaqGS:IEP), a New York‐based conglomerate with investments across a broad range of industries, made headlines in December when it prevailed in a heated bidding war with Japanese tire company Bridgestone Corp. to acquire Pep Boys – Manny, Moe & Jack during the fourth quarter of 2015 − The deal, which closed on February 2, 2016, is valued at approximately $1.3 billion . The transaction comes on the heels of Icahn’s $340 million acquisition of Uni‐Select USA, Inc. and Beck / Arnley Worldparts, Inc. (now collectively IEH Auto Parts, also known as “Auto Plus”), which closed on June 1, 2015 − Auto Plus subsequently acquired five distributors / installers across the U.S. during the fourth quarter of 2015 . The firm also owns 82% of Federal‐Mogul (NasdaqGS:FDML), a leading supplier of OE and aftermarket parts − Icahn then made a bid to acquire the remaining 18% of Federal‐Mogul in February 2016 . Icahn Enterprises’ aftermarket holdings now span the entire supply chain, from parts manufacturing through distribution and retail, to professional installation and service
Overview of Icahn Enterprises’ Aftermarket Investments
3/08 6/15 10/15 12/15 2/16
Acquired 82%
CENTRAL CITY AUTO PARTS
Suppliers Distributors Installers
Service
Parts Distribution and Retail
Sources: Capital IQ, company information
14 The Collision Sector Continues Along Its Crash Course to Further Consolidation
. The four largest collision operators (ABRA Auto Body & Glass, The Boyd No. Locations x Group, Caliber Collision, and Service King) have more than tripled their Company 2011 2015 Growth store count in just the past four years − They currently control nearly 15% of the collision market 83 353 325% . The major drivers of consolidation are: − Scale economics 173 342 98% Increases purchasing power and allows overhead to spread over more units 113 332 194% Enables a better product and / or service offering − Industry forces Ever increasing investment required to meet the carriers’ 48 276 475% demands for better, faster, and more comprehensive repair programs Total 417 1,303 212% Role of carriers in the industry amplifies the power of scale economies due to their role in dictating volume and their ability to accurately measure product quality Increasingly complex repairs require more training and more equipment management − Aggressive sources of capital Significant dry powder, favorable credit markets, and pressing private equity fund dynamics have enabled and accelerated the rate of consolidation . We believe these forces will continue to drive significant consolidation in the future − However, with the number of multi‐shop operators with more than 20 locations dwindling, the four largest operators will be ever more reliant on tuck‐ins and organic growth
The Four Largest Collision Operators More Than Tripled Their Stores in Four Years
2011 2015
` `
Caliber Collision The Boyd Group ABRA Auto Body & Glass Service King
Sources: Capital IQ, company information
15 M&A Remains at the Forefront of the Performance Aftermarket; Stay “Tuned” for More
. The performance aftermarket is a $3.2 billion segment of the Specialty Equipment Market Association (“SEMA”) . Despite increasing M&A activity in recent years, the sector remains highly fragmented, which creates significant opportunities for both incumbents and new entrants to acquire quality assets and build platforms of scale from an operational as well as a financial perspective − Private equity groups are increasingly aware of the opportunities for professional managers to unlock value in what are often closely‐held small businesses . Expect a persistent level of M&A as incumbents consolidate to offer more to their customers and outperform competitors and as institutional investors continue to make platform investments and seize consolidation opportunities Deconstructing the Performance Aftermarket Light Vehicle Specialty Equipment Performance Products Aftermarket Aftermarket Aftermarket ($ in billions, at retail) ($ in billions, at retail) ($ in millions, at wholesale)
Collision Performance / Repair Wheels, Tires, Maintenance ECU & Engine $40 and Suspension Chemicals Products $13 $908 $677 Specialty Performance Electrical OE Equipment Products Other Products Replacement $36 $9 Aftermarket Appearance Performance $376 $170 Accessories Products $14 $567 Exhaust Products Driveline Ignition $345 Products Products $203 $239 Select Strategic Performance Aftermarket Transactions
Q1 2015 Q2 2015 Q3 2015 Q4 2015
Target Acquirer Target Acquirer Target Acquirer Target Acquirer
Sources: Capital IQ, company information, SEMA, BB&T Capital Markets
16 Telematics Is in Its Early Innings, But Will Drive Aftermarket Growth in the Years to Come
. Automotive telematics, the concept of interconnected vehicle systems that monitor and store a variety of information, has come to the forefront of the automotive industry in recent years − Advancements in telematics have a number of practical applications for end‐users including navigation, mobile device connectivity, and emergency warning systems − Telematics assists commercial users such as fleet operators and independent service providers by transmitting vehicle diagnostics, fleet tracking, and controlling emissions and fuel . Nearly 90% of new cars across the globe will include integrated telematics by 2025 and the market for such technology is expected to grow at a compound annual growth rate (“CAGR”) of 22.7% from 2012 through 2016 . Simply put, consumers are not equipped to navigate the increasing complexity of automobiles alone, which in turn will have a positive long‐term impact on the DIFM channel, in which dealers and non‐chain independents are expected to experience the most revenue growth among DIFM outlets . Expect M&A to play an important role as companies look to expand their capabilities and product offerings in this growing and developing sector
Source: Census Bureau, Strategy & Analysis
Types of Telematics Systems
Embedded . Built within the vehicle to provide connectivity, intelligence, security, and reliability
. Use a phone as a modem to provide connectivity via Bluetooth or Wi‐Fi services Tethered . Primarily used for navigation
Integrated . Integrate drivers’ mobile devices into vehicle information systems
Vehicle Bus Communication • Multimedia bus interface Infotainment & Telematics • CAN, J1850, LIN, GMLAN, UART, FINOS • Hands‐free telephony Body Electronics • Navigation • Power windows • DAB & IBOC receivers • Mirror controls • DVD playback, radios • Gateway modules • Storage devices • Remote keyless entry
Adaptive Lighting Control
Instrument Clusters • Hardware architecture • HMI components • Reusable components • Dot‐matrix, TFT display Power Train & Engine Management • Diagnostic tests and interfaces • Software & hardware development HEV / EV • Vehicle energy management Under‐Car Systems • Pressure monitoring • Suspension monitoring
Source: Infiniti Research Ltd.
17 Table of Contents
. Overview of U.S. M&A Activity
. Automotive Aftermarket Commentary
. Select 2015 Aftermarket Trends and Observations Commentary
. What to Expect in 2016
. Appendix: Public Aftermarket Metrics & Select 2015 Aftermarket Transactions
18 Expect a Steady Level of M&A in 2016
. The favorable industry drivers supporting M&A for the last three years continue to look positive − The BB&T Aftermarket Index1 gained 4.7% versus the S&P 500’s (0.7)% in 2015 Retailers & Distributors, Collision, and Suppliers each outgained the S&P, while Independent Service Providers & Dealers lagged Sales growth is expected to drive sector performance in 2016 − Favorable tailwinds support continued aftermarket growth from a macro perspective Light vehicle fleet is projected to grow to 257 million light vehicles by 2016 Average age of vehicles on the road at a record high of 11.5 years and is expected to creep upward New light vehicle sales are expected to approach 18 million in 2016 Miles traveled continues to climb, supported by depressed gas prices . We expect deal activity in 2016 to remain on par with 2015 – Strategic and private equity buyers maintain near‐record levels of cash and continue to face mounting pressure over time to deploy it in acquisitions or return it to shareholders or limited partners – Macroeconomic conditions improved throughout 2015 and are showing cautiously optimistic signs of stabilization after several months of turmoil to close 2015 – Aftermarket companies have recognized the consolidation opportunities that abound and are pursuing them – Barring significant economic turmoil, we expect that interest rates will continue to rise in 2016, which will present a challenge to strategic buyers in reducing corporate cash flows and in access to cheap capital for private equity buyers We noted in last year’s report that rates could not remain low forever and would begin to rise in 2015
All Segments of the Aftermarket Are Projected to Grow
15.0% 11.9% 11.6% 12.0% 9.0% 7.5% 7.7% 5.4% 6.0% 4.2% 4.6% 3.5% 3.8% 3.2% 3.0% 0.7% – (3.0%) (6.0%) (5.0%) Suppliers Retailers & Independent Collision Suppliers Retailers & Independent Collision Suppliers Retailers & Independent Collision Distributors Service Distributors Service Distributors Service Providers & Providers & Providers & Dealers Dealers Dealers 2015 2016 2017
(1) BB&T’s Aftermarket Index included the below companies in 2015; several are excluded in 2016 and 2017 projections due to acquisition: Suppliers: CTB, DORM, FDML, GT, MPAA, REMY, SNA, SMP, TEN; Retailers & Distributors: AAP, AZO, GPC, ORLY, PBY, PRTS, UNS; Independent Service Providers & Dealers: ABG, AN, KMX, GPI, LAD, MNRO, PAG, PBY, SAH; Collision: BYD.UN, CPRT, KAR, LKQ, SLH Source: Capital IQ
19 Favorable Industry Growth Drivers Will Continue to Support Deal Volume in 2016
Light Vehicle Fleet Is Increasing (In millions) The number of light vehicles on the road continued to modestly grow in 2015, a trend that is expected to continue in the near‐term, creating additional demand for automotive aftermarket products and services
270 262 259 260 255 257 253 250 250 249 249 250
240
230
220
210
200 2010 2011 2012 2013 2014 2015 2016E 2017P 2018P
Sources: IHS Automotive, BB&T Capital Markets Research
Average Light Vehicle Age Has Plateaued (In years) The average age of the light vehicle fleet has plateaued as new car sales grew post‐recession; however, the continued increase in average age underscores the persistent need for consumers to maintain older vehicles, creating tailwinds for sustained industry growth 12.0 11.4 11.4 11.5 11.5 11.5 11.3 11.1 11.0 10.8 10.4 10.5 10.5 10.3 10.1 10.2 9.9 10.0 10.0
9.5
9.0
8.5
8.0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016E
Source: Infiniti Research Ltd.
20 Favorable Industry Growth Drivers Will Continue to Support Deal Volume in 2016
New Light Vehicle Sales Continued to Increase in 2015 (In millions) Moderate wage growth, depressed gasoline prices, increased discretionary spending, and continued low interest rates on auto loans will drive new car and light truck sales higher in 2016
17.7 16.8 17.2 16.2 15.2 15.3 13.3 12.8 11.6 10.4
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016E
Sources: CCC Information Services, IHS Automotive
Miles Traveled Increased Every Month in 2015
Lower oil prices, which benefited consumers at the pump, have had a positive effect on consumers’ disposable income and miles travelled in 2015
7.0% $5.00 6.4% 6.0%
6.0% Average 5.4% 5.0% 5.1% 5.1% 5.0% 5.1% $4.00 5.0% 4.6%
4.0% 4.1% Gasoline $3.00 Change) 4.0% 3.5% 3.5% Traveled
Year ‐
3.0% Price Miles
$2.00 Over ‐
2.0% Per
Vehicle Gallon (Year $1.00 1.0%
0.0% $0.00 Dec‐14 Feb‐15 Apr‐15 Jun‐15 Aug‐15 Oct‐15 Dec‐15
Vehicle Miles Traveled Gasoline Prices
Sources: FHWA, U.S. Energy Information Administration
21 Table of Contents
. Overview of U.S. M&A Activity
. Automotive Aftermarket Commentary
. Select 2015 Aftermarket Trends and Observations Commentary
. What to Expect in 2016
. Appendix: Public Aftermarket Metrics & Select 2015 Aftermarket Transactions
22 Operating Metrics Last Twelve Months ($ in millions)
Net Margins Sales Growth EBITDA Growth SSS Ticker LTM Date Revenue EBITDA EBIT Income Gross EBITDA EBIT NI 1 Year 5 Year 1 Year 5 Year Latest Q Suppliers Affinia Group Intermediate Holdings Inc. (1) N/A 09/30/15 $1,337 $145 $125 ($3) 23.4% 10.8% 9.3% (0.2%) 23.9% (7.2%) 5.1% (3.9%) Axalta Coa ti ng Systems Ltd. AXTA 09/30/15 4,191 847 542 53 36.0% 20.2% 12.9% 1.3% (5.0%) NA 6.5% NA Coope r Tire & Rubber Co. CTB 09/30/15 3,017 510 385 236 21.4% 16.9% 12.8% 7.8% (13.0%) (1.3%) (3.3%) 8.1% Dorman Products, Inc. DORM 09/26/15 772 156 140 89 38.5% 20.2% 18.2% 11.6% 3.3% 12.4% 0.2% 15.3% Federal‐Mogul Holdings Corporation FDML 09/30/15 7,416 578 241 (237) 13.9% 7.8% 3.2% (3.2%) 2.8% 4.2% (4.3%) (0.5%) The Goodyear Tire & Rubber Company GT 09/30/15 16,736 2,382 1,683 2,816 25.5% 14.2% 10.1% 16.8% (9.9%) (1.7%) 1.6% 10.3% Horizon Global Corporation HZN 09/30/15 582 35 18 7 23.8% 6.0% 3.0% 1.2% NA NA NA NA Motorcar Parts of America, Inc. MPAA 09/30/15 345 32 29 7 27.0% 9.2% 8.5% 1.9% 25.1% 17.8% (16.2%) 2.4% Snap‐on Incorporated SNA 10/03/15 3,595 814 746 464 50.5% 22.6% 20.7% 12.9% 5.1% 6.8% 12.7% 16.4% Standard Motor Products Inc. SMP 09/30/15 985 115 98 52 29.0% 11.7% 10.0% 5.3% 0.4% 4.3% (14.2%) 15.1% Tenneco Inc. TEN 09/30/15 8,182 732 545 200 16.9% 8.9% 6.7% 2.4% (3.1%) 7.6% (3.7%) 8.0% UCI Holdings Limited (1) N/A 09/30/15 1,003 84 35 (43) 11.7% 8.3% 3.5% (4.3%) 18.8% 1.6% (12.4%) 13.7% Mean $4,013 $536 $382 $303 26.5% 13.1% 9.9% 4.5% 4.4% 4.5% (2.5%) 8.5% NA Median $2,177 $333 $191 $52 24.7% 11.3% 9.7% 2.2% 2.8% 4.2% (3.3%) 9.2% NA Retailers & Distributors Advance Auto Parts Inc. AAP 10/10/15 $9,941 $1,294 $1,021 $503 45.4% 13.0% 10.3% 5.1% 10.3% 11.4% 16.1% 12.3% 0.5% American Tire Di stributors Holdings, Inc. (1) N/A 01/03/15 5,031 242 89 (95) 17.6% 4.8% 1.8% (1.9%) 31.1% 18.3% 29.4% 19.4% AutoZone, Inc. AZO 11/21/15 10,313 2,258 1,982 1,180 52.4% 21.9% 19.2% 11.4% 7.0% 6.4% 6.9% 7.7% 3.5% Genuine Parts Compa ny (2) GPC 09/30/15 15,421 1,277 1,131 710 29.9% 8.3% 7.3% 4.6% 2.6% 7.2% (1.6%) 8.4% 4.0% KAR Auction Services, Inc. KAR 09/30/15 2,563 637 429 217 43.8% 24.8% 16.7% 8.4% 11.5% NA 26.1% NA O'Reilly Automotive Inc. ORLY 09/30/15 7,782 1,686 1,473 894 52.0% 21.7% 18.9% 11.5% 10.0% 8.1% 18.9% 14.6% 7.9% Pep Boys ‐ Manny, Moe & Jack (3) PBY 10/31/15 2,079 81 12 (9) 23.3% 3.9% 0.6% (0.4%) 0.1% 1.1% (5.9%) (10.7%) (1.8%) U.S. Auto Parts Network, Inc. PRTS 10/03/15 294 5 (3) (3) 28.3% 1.8% (1.0%) (1.1%) 7.8% 5.3% (12.5%) (13.6%) Uni‐Select Inc. (5) UNS 09/30/15 1,523 88 80 (43) NM 5.8% 5.2% (2.8%) (14.5%) 3.5% (0.1%) 4.4% 1.1% Mean $6,105 $841 $690 $373 36.6% 11.8% 8.8% 3.9% 7.3% 7.7% 8.6% 5.3% 2.5% Median $5,031 $637 $429 $217 36.8% 8.3% 7.3% 4.6% 7.8% 6.8% 6.9% 8.0% 2.3% Independent Service Providers & Dealers Asbury Automotive Group, Inc. ABG 09/30/15 $6,451 $329 $300 $140 16.2% 5.1% 4.6% 2.2% 12.4% 12.8% 13.6% 19.5% AutoNation, Inc. AN 09/30/15 20,570 1,009 888 462 15.7% 4.9% 4.3% 2.2% 10.7% 11.4% 17.1% 14.1% Ca rMa x Inc. KMX 11/30/15 14,958 1,178 1,047 626 16.0% 7.9% 7.0% 4.2% 8.1% 11.8% 15.4% 12.5% Group 1 Automotive Inc. GPI 09/30/15 10,499 409 363 146 14.5% 3.9% 3.5% 1.4% 8.5% 15.0% 15.3% 18.8% Lithia Motors Inc. LAD 09/30/15 7,664 349 309 176 14.9% 4.6% 4.0% 2.3% 65.8% 31.1% 42.2% 36.8% Monro Muffler Brake Inc. MNRO 09/26/15 931 159 120 66 40.2% 17.0% 12.9% 7.1% 8.5% 8.5% 13.2% 10.8% 2.1% Penske Automotive Group, Inc. PAG 09/30/15 18,734 639 562 328 15.0% 3.4% 3.0% 1.7% 13.5% 13.1% 15.1% 16.6% Pep Boys ‐ Manny, Moe & Jack (4) PBY 10/31/15 2,079 81 12 (9) 23.3% 3.9% 0.6% (0.4%) 0.1% 1.1% (5.9%) (10.7%) (1.8%) Rush Enterprises, Inc. RUSH.B 09/30/15 5,163 285 149 81 15.6% 5.5% 2.9% 1.6% 19.9% 31.3% 14.1% 30.8% Sonic Automotive Inc. SAH 09/30/15 9,505 300 233 81 14.7% 3.2% 2.5% 0.9% 3.8% 7.5% 0.1% 7.8% Mean $9,656 $474 $398 $210 18.6% 5.9% 4.5% 2.3% 15.1% 14.4% 14.0% 15.7% 0.2% Median $8,585 $339 $305 $143 15.7% 4.7% 3.7% 2.0% 9.6% 12.3% 14.6% 15.4% 0.2% Collision Boyd Group Income Fund (5) BYD.UN 09/30/15 $822 $69 $51 ($22) 45.8% 8.3% 6.1% (2.7%) 43.8% 36.9% 44.3% 41.4% 5.8% Copa rt, Inc. CPRT 10/31/15 1,145 390 349 220 44.3% 34.1% 30.5% 19.2% (2.5%) 7.4% 3.1% 6.4% 5.6% KAR Auction Services, Inc. KAR 09/30/15 2,563 637 429 217 43.8% 24.8% 16.7% 8.4% 11.5% NA 26.1% NA LKQ Corp. LKQ 09/30/15 7,128 843 714 409 39.3% 11.8% 10.0% 5.7% 11.9% 24.8% 10.2% 20.9% 6.8% Solera Holdings Inc. SLH 09/30/15 1,174 421 252 (180) 64.8% 35.9% 21.5% (15.3%) 11.9% 12.9% 6.0% 9.3% Mean $2,566 $472 $359 $128 47.6% 23.0% 17.0% 3.1% 15.3% 20.5% 17.9% 19.5% 6.1% Median $1,174 $421 $349 $217 44.3% 24.8% 16.7% 5.7% 11.9% 18.9% 10.2% 15.1% 5.8%
On December 29, 2015, Icahn Enterprises announced that it would acquire Pep Boys for $18.50 per share On September 13, 2015, Vista Equity Partners announced that it would acquire Solera Holdings for $55.85 per share (1) Affina Group, ATD, and UCI International have publicly traded debt only and thus are included in operating metrics, but not valuation metrics (2) Same store sales for Genuine Parts reflects its automotive segment only (3) Same store sales reflects Pep Boys’ merchandise business only (4) Same store sales reflects Pep Boys’ service business only (5) Reported results are converted at the exchange rate as of the above date Definitions: LTM –Last Twelve Months; EBITDA – Earnings Before Interest, Taxes, Depreciation, and Amortization; EBIT – Earnings Before Interest and Taxes; NI –Net Income; SSS –Same Store Sales, where applicable Sources: Capital IQ, company filings
23 Valuation Metrics As of December 31, 2015 ($ in millions, except per share)
Stock 52 Week Market Price / P/E Forward PEG TEV / Revenue TEV / EBITDA Ticker Price High / Low Cap TEV TBV LTM CY 2016 CY 2017 CY 2016 CY 2017 LTM CY 2016 CY 2017 LTM CY 2016 CY 2017 Suppliers Axalta Coa ti ng Systems Ltd. AXTA $26.65 $36.50 / $23.94 $6,339 $9,835 NM 48.1x 20.0x 16.6x 1.4x 1.1x 2.2x 2.2x 2.1x 11.1x 10.1x 9.4x Cooper Tire & Rubber Co. CTB $37.85 $43.94 / $31.18 2,121 1,869 2.6x 9.5x 10.5x 10.8x 3.5x 3.6x 0.6x 0.6x 0.6x 3.8x 4.3x 4.4x Dorman Products, Inc. DORM $47.47 $53.75 / $43.65 1,685 1,777 3.3x 18.8x 16.4x 14.9x 1.2x 1.1x 2.0x 1.9x 1.7x 10.0x 9.1x 8.4x Federal‐Mogul Holdings Corporation FDML $6.85 $15.87 / $6.01 1,158 4,491 NM 12.3x 8.4x 7.5x NA NA 0.5x 0.5x 0.5x 6.4x 6.0x 5.7x The Goodyear Tire & Rubber Company GT $32.67 $35.30 / $23.74 8,785 13,110 2.4x 12.4x 8.3x 7.8x NA NA 0.8x 0.8x 0.8x 5.6x 5.0x 4.9x Horizon Global Corporation HZN $10.37 $15.88 / $8.04 188 378 NM 32.7x 9.6x 7.4x 1.0x 0.7x 0.6x 0.6x 0.6x 10.2x 6.0x 5.5x Motorcar Pa rts of America, Inc. MPAA $33.81 $41.03 / $22.12 619 706 3.2x NM 13.8x 12.4x 0.7x 0.6x 1.8x 1.5x 1.4x NM 6.7x NA Snap‐on Incorporated SNA $171.43 $174.52 / $129.14 9,951 9,879 7.1x 23.6x 18.6x 16.5x 1.2x 1.0x 3.0x 3.0x 2.8x 13.0x 11.6x 10.1x Standard Motor Products Inc. SMP $38.05 $45.72 / $30.30 862 787 2.8x 17.0x 13.5x 12.3x 0.9x 0.8x 0.9x 0.8x 0.8x 7.6x 7.3x 6.8x Tenneco Inc. TEN $45.91 $61.73 / $39.13 2,654 3,881 7.2x 12.0x 8.7x 7.7x 0.7x 0.6x 0.5x 0.4x 0.4x 5.2x 4.5x 4.2x Mean $3,436 $4,671 4.1x 20.7x 12.8x 11.4x 1.3x 1.2x 1.3x 1.2x 1.2x 8.1x 7.1x 6.6x Median $1,903 $2,875 3.2x 17.0x 12.0x 11.6x 1.1x 0.9x 0.8x 0.8x 0.8x 7.6x 6.4x 5.7x Retailers & Distributors Advance Auto Parts Inc. AAP $150.51 $201.24 / $142.63 $11,023 $12,953 15.4x 18.8x 16.3x 14.5x 1.2x 1.1x 1.2x 1.2x 1.2x 9.5x 8.7x 8.1x AutoZone, Inc. AZO $741.91 $803.25 / $566.08 22,412 28,680 NM 20.5x 17.7x 15.8x 1.3x 1.2x 2.6x 2.5x 2.3x 11.9x 11.2x 10.5x Genuine Parts Company GPC $85.89 $104.23 / $78.76 12,949 15,059 6.9x 18.3x 17.1x 16.0x 3.5x 3.2x 0.9x 0.8x 0.8x 10.3x 9.9x 9.6x KAR Auction Services, Inc. KAR $37.03 $39.87 / $33.25 5,093 7,967 NM 24.4x 18.5x 16.3x 1.4x 1.2x 3.1x 2.8x 2.6x 12.4x 11.1x 10.2x O'Reilly Automotive Inc. ORLY $253.42 $277.96 / $179.00 24,997 28,097 19.6x 28.6x 23.9x 21.1x 1.5x 1.3x 3.3x 3.0x 2.8x 15.2x 13.5x 12.5x Pep Boys ‐ Manny, Moe & Jack PBY $39.75 $19.03 / $8.00 219 228 1.9x NM 46.7x NM 1.9x NM 0.6x 0.6x 0.6x 15.5x 11.9x 12.1x U.S. Auto Pa rts Network, Inc. PRTS $2.95 $3.34 / $1.50 101 106 5.8x NM NM NA NM NA 0.4x 0.4x NA 23.1x 11.0x NA Uni‐Select Inc. (1) UNS $49.38 $51.17 / $21.42 1,058 874 4.8x 23.0x 18.9x 17.9x 9.4x 8.9x 0.7x 1.0x 1.0x 13.4x 11.4x 10.8x Mean $9,547 $11,573 7.8x 23.0x 23.8x 17.4x 3.2x 3.2x 1.7x 1.6x 1.7x 14.5x 11.1x 10.9x Median $5,093 $7,967 5.8x 23.0x 18.7x 16.3x 1.7x 1.3x 0.9x 1.0x 1.7x 13.4x 11.2x 10.7x Independent Service Providers & Dealers Asbury Automotive Group, Inc. ABG $67.44 $96.58 / $64.29 $1,712 $3,227 9.0x 11.9x 10.3x 9.3x 0.6x 0.6x 0.5x 0.5x 0.4x 9.9x 9.2x 8.5x AutoNation, Inc. AN $59.66 $67.50 / $53.73 6,600 11,164 12.3x 14.0x 11.9x 10.7x 0.8x 0.7x 0.6x 0.5x 0.5x 11.5x 10.0x 9.3x Ca rMa x Inc. KMX $53.97 $75.40 / $50.57 10,662 20,053 3.5x 17.2x 15.9x 14.2x 1.1x 1.0x 1.4x 1.3x 1.2x 17.7x 16.6x 15.1x Group 1 Automotive Inc. GPI $75.70 $97.34 / $71.55 1,794 4,142 NM 10.0x 9.1x 8.4x 0.7x 0.6x 0.4x 0.4x 0.4x 10.6x 10.0x 9.1x Lithia Motors Inc. LAD $106.67 $126.56 / $79.84 2,801 4,390 6.2x 15.5x 12.9x 11.8x 0.6x 0.5x 0.6x 0.5x 0.5x 12.9x 10.7x 9.7x Monro Muffler Brake Inc. MNRO $66.22 $77.00 / $55.34 2,118 2,493 30.3x 31.9x 26.3x 24.1x 1.9x 1.7x 2.6x 2.3x 2.2x 15.0x 12.5x 11.1x Penske Automotive Group, Inc. PAG $42.34 $54.39 / $39.00 3,814 7,934 41.3x 11.7x 9.5x 8.7x 0.9x 0.8x 0.4x 0.4x 0.4x 11.6x 11.3x 10.4x Pep Boys ‐ Manny, Moe & Jack PBY $39.75 $19.03 / $8.00 219 228 1.9x NM 46.7x NM 1.9x NM 0.6x 0.6x 0.6x 15.5x 11.9x 12.1x Rush Enterprises, Inc. RUSH.B $21.90 $27.02 / $14.20 884 2,225 2.4x 18.1x NA NA NA NA 0.5x 0.5x 0.5x 8.4x 16.4x 12.8x Sonic Automotive Inc. SAH $22.76 $27.30 / $19.75 1,134 3,189 7.9x 11.1x 9.9x 9.1x 0.9x 0.8x 0.3x 0.3x 0.3x 10.7x 10.2x 9.6x Mean $3,174 $5,904 12.7x 15.7x 17.0x 12.0x 1.0x 0.8x 0.8x 0.7x 0.7x 12.4x 11.9x 10.8x Median $1,956 $3,685 7.9x 14.0x 11.9x 10.0x 0.9x 0.7x 0.5x 0.5x 0.5x 11.6x 11.0x 10.0x Collision Boyd Group Income Fund (1) BYD.UN $47.64 $50.30 / $31.52 $811 $1,030 NM 29.1x 22.4x 18.8x 1.0x 0.9x 1.0x 0.9x 0.8x 12.9x 10.2x 9.0x Copa rt, Inc. CPRT $38.01 $39.86 / $32.60 4,570 5,073 6.2x 23.7x 18.6x NA 1.4x NA 4.1x 3.8x NA 12.0x 10.7x NA KAR Auction Services, Inc. KAR $37.03 $39.87 / $33.25 5,093 7,967 NM 24.4x 18.5x 16.3x 1.4x 1.2x 3.1x 2.8x 2.6x 12.4x 11.1x 10.2x LKQ Corp. LKQ $29.63 $32.25 / $22.90 9,052 10,743 18.6x 21.7x 17.9x 15.6x 1.0x 0.9x 1.4x 1.3x 1.2x 12.2x 10.7x 9.3x Solera Holdings Inc. SLH $30.67 $56.73 / $30.67 898 1,822 NM NM 18.0x 16.3x 2.2x 2.0x 5.5x 4.9x 4.7x 15.3x 12.7x 11.8x Mean $4,085 $5,327 12.4x 24.7x 19.1x 16.7x 1.4x 1.2x 3.0x 2.8x 2.3x 12.9x 11.1x 10.0x Median $4,570 $5,073 12.4x 24.1x 18.5x 16.3x 1.4x 1.0x 3.1x 2.8x 1.9x 12.4x 10.7x 9.7x
On December 29, 2015, Icahn Enterprises announced that it would acquire Pep Boys for $18.50 per share On September 13, 2015, Vista Equity Partners announced that it would acquire Solera Holdings for $55.85 per share (1) Stock prices, market capitalizations, and enterprise values are converted at the exchange rate as of the above date Definitions: TEV –Total Enterprise Value; TBV – Tangible Book Value; P / E – Share Price / Earning Per Share; LTM –Last Twelve Months; PEG – (Calendarized P / E) / Long‐Term Growth; EBITDA – Earnings Before Interest, Taxes, Depreciation, and Amortization Sources: Capital IQ, company filings
24 Performance Metrics As of December 31, 2015
Days Outstanding Cash Total Debt / Debt / Interest Current Quick S&P Debt Ticker A / RInventoryA / P Conversion Debt Capital EBITDA Coverage Ratio Ratio Rating Outlook Suppliers Affinia Group Intermediate Holdings Inc. (1) N/A 35.4 70.6 45.2 60.7 $824 151.2% 5.7x 2.4x 1.2x 0.5x B Stable Axalta Coa ti ng Systems Ltd. AXTA 61.5 76.3 64.4 73.4 3,560 76.3% 4.2x 3.6x 2.3x 1.3x NA NA Cooper Tire & Rubber Co. CTB 58.2 82.1 48.0 92.4 316 24.6% 0.6x 13.6x 2.9x 1.8x BB‐ Positive Dorman Products, Inc. DORM 91.6 143.8 41.9 193.4 0 NA NA NA 5.8x 3.2x NA NA Federal‐Mogul Holdings Corporation FDML 73.3 74.6 53.4 94.5 3,019 75.5% 5.2x 0.9x 1.7x 0.9x B‐ Negative The Goodyear Tire & Rubber Company GT 60.7 80.1 81.6 59.2 6,000 54.8% 2.5x 3.4x 1.7x 0.9x BB Stable Horizon Global Corporation HZN NA NA NA NA 204 98.3% 5.8x 5.6x 1.8x 0.8x B Stable Motorcar Parts of America, Inc. MPAA 1.2 87.8 87.8 1.2 40 16.9% 1.2x 1.5x 1.0x 0.2x NA NA Snap‐on Incorporated SNA 64.1 109.8 36.4 137.5 938 28.3% 1.2x 14.0x 2.5x 1.5x A‐ Stable Standard Motor Products Inc. SMP 54.8 142.5 39.5 157.8 25 5.9% 0.2x NM 1.9x 0.7x NA NA Tenneco Inc. TEN 55.8 39.6 74.9 20.5 1,341 72.1% 1.8x 5.4x 1.4x 0.8x BB+ Stable UCI Holdings Limited (1) N/A 64.8 85.2 53.7 96.3 477 74.5% 5.7x 1.1x 1.9x 0.8x CCC+ Stable Mean 56.5 90.2 57.0 89.7 $1,395 61.7% 3.1x 5.1x 2.2x 1.1x Median 60.7 82.1 53.4 92.4 $651 72.1% 2.5x 3.5x 1.8x 0.9x Retailers & Distributors Advance Auto Parts Inc. AAP 15.5 276.5 206.9 85.1 $1,294 34.9% 1.0x 15.5x 1.3x 0.2x BBB‐ Stable American Tire Distributors Holdings, Inc. (1) N/A 25.0 82.7 54.9 52.9 1,824 74.5% 7.5x 1.3x 1.8x 0.5x NA NA AutoZone, Inc. AZO 7.8 251.9 268.1 NM 4,754 159.7% 2.1x 11.9x 0.8x 0.1x BBB Stable Genuine Pa rts Company GPC 46.6 101.0 91.5 56.0 625 16.5% 0.5x NM 1.5x 0.6x NA NA KAR Auction Services, Inc. KAR 271.3 NA 146.9 NA 2,991 68.5% 4.7x 5.8x 1.1x 1.0x BB‐ Stable O'Reilly Automotive Inc. ORLY 7.4 250.4 240.3 17.5 1,397 41.1% 0.8x NM 1.0x 0.2x BBB+ Stable Pep Boys ‐ Manny, Moe & Jack PBY 5.5 148.1 51.0 102.6 323 37.1% 4.0x 2.7x 1.3x 0.2x B NM U.S. Auto Parts Network, Inc. PRTS 4.7 80.0 40.6 44.1 19 46.4% 3.6x NM 1.3x 0.2x NA NA Uni‐Select Inc. UNS 45.5 128.7 86.3 87.9 145 25.2% 1.7x 8.4x 1.5x 0.7x NA NA Mean 47.7 164.9 131.9 63.7 $1,486 56.0% 2.9x 7.6x 1.3x 0.4x Median 15.5 138.4 91.5 56.0 $1,294 41.1% 2.1x 7.1x 1.3x 0.2x Independent Service Providers & Dealers Asbury Automotive Group, Inc. ABG 5.6 56.5 15.8 46.3 $1,608 83.6% 4.9x 4.7x 1.1x 0.2x BB+ Stable AutoNation, Inc. AN 5.5 62.3 5.4 62.4 5,409 70.5% 5.4x 5.4x 1.0x 0.2x BBB‐ Stable Ca rMa x Inc. KMX 2.2 58.0 12.2 47.9 10,606 78.5% 9.0x NM 2.9x 0.1x NA NA Group 1 Automotive Inc. GPI 4.1 63.5 11.7 55.9 2,657 73.3% 6.5x 3.5x 1.0x 0.2x BB+ Stable Lithia Motors Inc. LAD 11.5 65.2 3.6 73.1 1,846 70.1% 5.3x 6.6x 1.2x 0.2x NA NA Monro Muffler Brake Inc. MNRO 1.5 90.6 42.5 49.6 316 38.3% 2.0x 9.1x 1.2x 0.0x NA NA Penske Automotive Group, Inc. PAG 14.2 64.9 9.5 69.6 4,354 70.5% 6.8x 4.1x 1.0x 0.2x BB Stable Pep Boys ‐ Manny, Moe & Jack PBY 5.5 148.1 51.0 102.6 323 37.1% 4.0x 2.7x 1.3x 0.2x B NM Rush Enterprises, Inc. RUSH.B 13.0 85.6 11.2 87.5 1,582 65.5% 5.3x NM 1.1x 0.2x NA NA Sonic Automotive Inc. SAH 11.3 59.1 4.7 65.7 2,127 75.4% 7.1x 1.0x 1.1x 0.2x BB Stable Mean 7.4 75.4 16.8 66.1 $3,083 66.3% 5.6x 4.6x 1.2x 0.1x Median 5.6 64.2 11.4 64.0 $1,986 70.5% 5.3x 4.4x 1.2x 0.2x Collision Boyd Group Income Fund BYD.UN 20.6 9.4 64.1 NM $112 0.5x 1.6x 6.7x 1.0x 0.8x NA NA Copa rt, Inc. CPRT 69.6 4.8 86.0 NM 627 0.4x 1.6x 14.3x 3.5x 3.2x NA NA KAR Auction Services, Inc. KAR 271.3 NA 146.9 NA 2,991 0.7x 4.7x 5.8x 1.1x 1.0x BB‐ Stable LKQ Corp. LKQ 31.7 118.3 33.6 116.4 1,610 0.3x 1.9x 11.6x 3.0x 1.0x BB+ NM Solera Holdings Inc. SLH 49.0 NA 41.9 NA 3,126 1.0x 7.4x 2.6x 2.0x 1.9x BB‐ NM Mean 88.4 44.2 74.5 116.4 $1,693 57.5% 3.5x 8.2x 2.1x 1.6x Median 49.0 9.4 64.1 116.4 $1,610 45.8% 1.9x 6.7x 2.0x 1.0x On December 29, 2015, Icahn Enterprises announced that it would acquire Pep Boys for $18.50 per share On September 13, 2015, Vista Equity Partners announced that it would acquire Solera Holdings for $55.85 per share (1) Affina Group, ATD, and UCI International have publicly traded debt only and thus are included in balance sheet metrics, but not valuation metrics Sources: Capital IQ, company filings
25 Select 2015 Aftermarket Transactions
Close Date Target Target Description Buyer TEV Lubricant blender and packager based in North 12/28/2015 Delfin Group USA LLC Amalie Oil Co. – Charleston, South Carolina. CARPROOF Corporation Provider of used vehicle history data and reports based IHS Inc. 12/28/2015 $468 (Hellman & Friedman) in London, Canada. (NYSE:IHS) Big Tex Trailer Manufacturing, Inc. 12/21/2015 Manufacturer of trailers based in Mt. Pleasant, Texas. Bain Capital, LLC – (H.I.G. Capital Partners) Wholesalers of automotive parts and paint products Colwood‐Langford Auto Supply Ltd. Uni‐Select Inc. 12/16/2015 based in Victoria, Canada and New Hamburg, Canada, – and B.H. McFarlane Automotive Inc. (TSX:UNS) respectively. Aftermarket distributor of paints, coatings, and other Uni‐Select Inc. 12/14/2015 Aquia Auto Parts, Inc. – finishes based in Fredericksburg, Virginia. (TSX:UNS) Operator of automotive parts stores based in Benton 12/3/2015 Chet Nichols Inc. Auto‐Wares, Inc. – Harbor, Michigan. Manufacturer of tubular accessories for pickup trucks Truck Hero, Inc. 12/2/2015 N‐FAB Parts and Accessories – and SUVs based in Houston, Texas. (TA Associates) Collision repair facilities operator based in Ontario, Driven Brands Inc. 12/2/2015 CARSTAR Automotive Canada Inc. – Canada. (Roark Capital Group) Automotive customer experience management platform AutoAlert, Inc. 12/1/2015 MotoFuze LLC – based in Raytown, Missouri. (HGGC, LLC) Dynojet Research, Inc. Aftermarket parts and diagnostics manufacturer based Irving Place Capital and New Value 11/24/2015 – (American Capital, Ltd.) in Las Vegas, Nevada. Capital Designer, manufacturer, and distributor of rotating Remy International Inc. BorgWarner Inc. 11/10/2015 electrical components for the automotive aftermarket $1,195 (NasdaqGS:REMY) (NYSE:BWA) based in Pendleton, Indiana. FleetPride, Inc. Heavy‐duty truck and trailer parts distributor based in TransAxle LLC 11/6/2015 – (Remanufacturing Assets) Irving, Texas. (Graham Partners) Manufacturer and distributor of truck bodies based in J.B. Poindexter & Co., Inc. 11/2/2015 Reading Truck Body, LLC – Reading, Pennslyvania. (LLR Partners Inc.) Compass Automotive Group, LLC Automotive components manufacturer based in New 11/2/2015 Shipston Group Limited – (Monomoy Capital Partners) York, New York. 10/29/2015 Standard Auto Parts Automotive parts retailer based Houston, Texas. Auto Plus –
10/26/2015 HiPer Technology, Inc. Wheel manufacturer based in Lawrence, Kansas. Weld Racing, LLC – CARSTAR Auto Body Repair Experts Collision repair facilities operator based in Leawood, Driven Brands Inc. 10/22/2015 – (Champlain Capital Management) Kansas. (Roark Capital Group) 10/21/2015 Galveston Standard Auto Parts, Inc. Retailer of auto parts based in Galveston, Texas. IEH Auto Parts, LLC –
Aftermarket accessories manufacturer based in South Kraco Enterprises, LLC 10/21/2015 Who‐Rae Pty Ltd. – Melbourne, Australia. (Sun Capital Partners, Inc.) Automotive Inventory Management 10/15/2015 Warehouse distributor based in Simi Valley, California. Warren Distributing, Inc. – System 10/15/2015 Interstate Auto Parts Warehouse Automotive parts provider based in Salem, Oregon. Baxter Auto Parts – Central City Auto Parts and Xpress Automotive parts distributors based in Cleveland, 10/14/2015 Auto Plus – Auto Parts Tennessee and Ft. Myers, Florida, respectively. Automotive parts distributor based in Fond Du Lac, 10/12/2015 United Auto Parts Auto Plus – Wisconsin. Manufacturer of Corvette parts and accessories based in Restoration Parts Unlimited, Inc. 10/9/2015 Corvette America, Inc. – Reedsville, Pennsylvania. (Dubin Clark & Company, Inc.) Automotive parts distributor based in Greensboro, North Tri‐City Auto Salvage and Butler Fenix Parts, Inc. 10/7/2015 Carolina and an automotive parts reseller based in $7 Auto Sales & Parts (NasdaqGM:FENX) Forest City, North Carolina.
Note: TEV defined as Total Enterprise Value ($ in millions) Sources: Capital IQ, company filings
26 Select 2015 Aftermarket Transactions
Close Date Target Target Description Buyer TEV Operator of collision repair facilities based in San Service King Paint & Body, LLC 10/5/2015 Carter’s Collision Service, Inc. – Diego, California. (The Blackstone Group) Manufacturer of customized technologies for automotive ITT Corporation 10/5/2015 Wolverine Advanced Materials, LLC braking systems and sealing solutions for harsh $300 (NYSE:ITT) operating environments based in Dearborn, Michigan.
Catalytic converter manufacturer and supplier based in AP Exhaust Technologies, LLC 9/29/2015 Eastern Catalytic – Langhorne, Pennsylvania. (Audax Group, Inc.) MBW Motorcycle Products Motorcycle lighting products manufacturer based in 9/26/2015 Custom Dynamics LLC – (LED Accessory Line of Products) West Kingston, Rhode Island. MSDP Group, LLC Automotive performance products marketer and supplier Holley Performance Products, Inc. 9/23/2015 – (Z Capital Partners, L.L.C.) based in El Paso, Texas. (Lincolnshire Management, Inc.) Driven Performance Brands, Inc. Aftermarket performance products provider based in 9/14/2015 Sentinel Capital Partners – (Dubin Clark & Company, Inc.) Santa Rosa, California. 9/14/2015 Cassidy Auto Trim Aftermarket restyling facility based in Houston, Texas. Classic Soft Trim, Inc. – Manufacturer of rubber belts used in industrial, The Carlstar Group LLC, Carlstar Timken Company 9/1/2015 commercial, and consumer applications based in $220 Belts Business (NYSE:TKR) Franklin, Tennessee. Manufacturer of specialty, powder, and liquid coatings PPG Industries, Inc. 9/1/2015 IVC Industrial Coatings Inc. – based in Brazil, Indiana. (NYSE:PPG) Supplier of non‐discretionary aftermarket replacement Arrowhead Electrical Products, Inc. 8/31/2015 parts serving a variety of vehicle end markets based in The Riverside Company – (Pfingsten Partners, L.L.C.) Blaine, Minnesota. Manufacturer and suppliers of automotive products 8/31/2015 Magna Interiors Inc. Grupo Antolín Irausa, S.A. $525 based in Aurora, Canada. Distributor of tools and equipment for traditional National Performance Warehouse 8/28/2015 Lorin Peck Tool Co. vehicle, performance, truck, and chemical markets based – Inc. in Utah. Designer and distributor of tonneau covers for light Lund International 8/28/2015 Bridgeway Enterprises, Inc. – trucks based in Surprise, Arizona. (Highlander Partners) Automotive maintenance services provider based in ABRA Auto Body & Glass 8/28/2015 Lehman's Garage, Inc. – Bloomington, Minnesota. (Hellman & Friedman) Lithia Motors Inc. 8/25/2015 Hawaii Automotive LLC Acura dealership operator based in Honolulu, Hawaii. – (NYSE:LAD) Distributor of replacement parts, supplies, and Coast Distribution Systems Inc. LKQ Corporation 8/18/2015 accessories for recreational vehicles based in Morgan – (AMEX:CRV) (NasdaqGS:LKQ) Hill, California. Wholesaler of automotive parts and paint products Uni‐Select Inc. 8/18/2015 C.B. Hoare Auto Parts Limited – operating three locations in Nova Scotia. (TSX:UNS) Full‐service auto recycling facility based in Bayville, Fenix Parts, Inc. 8/18/2015 Ocean County Auto Wreckers, Inc. – New Jersey. (NasdaqGM:FENX) 8/17/2015 360 Forged, Inc. Manufacturer of forged wheels based in Miami, Florida. American Force Wheels Inc. –
Provider of collision repair services based in Service King Paint & Body, LLC 8/14/2015 Riverdale Body Shop – Schererville, Indiana. (The Blackstone Group) Cosmos Ocean County Auto 8/14/2015 Auto recycler based in Bayville, New Jersey. Fenix Parts, Inc. $3 Wreckers, Inc. Raben Tire Co., LLC 8/12/2015 Shelby’s Wheel and Tires Tire dealer based in Paducah, Kentucky. – (Palladium Equity Partners) Operator of three tire and automotive service locations 8/11/2015 Lebzelter's Total Car Care Jack Williams Tire Company, Inc. – based in Lancaster, Pennsylvania. 8/10/2015 South Dade Automotive Inc. Tire distributor based in Miami, Florida. U.S. AutoForce Inc. – Steering systems manufacturer based in Tabor City, 8/5/2015 Atlantic Automotive Enterprises CRP Industries Inc. – North Carolina.
Note: TEV defined as Total Enterprise Value ($ in millions) Sources: Capital IQ, company filings
27 Select 2015 Aftermarket Transactions
Close Date Target Target Description Buyer TEV Tire retailer with 157 locations in New Jersey, Mavis Tire Supply, LLC 8/5/2015 Somerset Tire Service Inc. – Pennsylvania, and New York. (ONCAP) Distributor of automotive tools and equipment based in 8/3/2015 Nestor Sales LLC Essendant Inc. $39 Largo, Florida. Manufacturer and distributor of lamps and lighting EiKo Global, LLC 8/3/2015 solutions for the automotive, industrial, and healthcare Old World Industries, LLC – (Automotive Lighting Business) industries based Shawnee, Kansas. Time Automotive Distributors, Salt Wholesaler of performance and truck accessories based National Performance Warehouse 7/31/2015 – Lake City and Boise Locations in Utah. Inc. 7/27/2015 Tower Motor Parts Local auto parts retailer based in Massachusetts. Bond Auto Parts – Provider of vehicle collision services based in Decatur, ABRA Auto Body & Glass 7/24/2015 Prestige Collision Specialist, LLC – Georgia. (Hellman & Friedman) Dealership that predominately sells farm equipment Raben Holdings, LLC 7/24/2015 Coogle Tire Service – based in in Indiana. (Palladium Equity Partners) Provider of automotive repair and tire services based in Monro Muffler Brake Inc. 7/23/2015 Kost Tire & Auto Care Centers – central New York and Pennsylvania. (NasdaqGS:MNRO) Monro Muffler Brake Inc. 7/23/2015 Windsor Tire Co. Tire retailer headquartered in Norwood, Massachusetts. – (NasdaqGS:MNRO) Provider of automotive repair services and roadside Service King Paint & Body, LLC 7/20/2015 Downtown Autobody Repair, Inc. – assistance based in Alcoa, Tennessee. (The Blackstone Group) Auto repair hotline company offering live technical Solera Holdings, Inc. 7/17/2015 Identifix, Inc. assistance to professional shop owners and technicians $1,164 (NYSE:SLH) based in Saint Paul, Minnesota. Manufacturer of lightweight, hydroformed structural 7/15/2015 Vari‐Form Holding US Corp. Crowne Group, LLC – parts for pickup trucks, SUVs, and light vehicles. Provider of collision repair services and refinishing Gerber Collision & Glass Inc. 7/15/2015 McDonald Auto Body, Inc. – based in Hyattsville, Maryland. (The Boyd Group Inc.) Manufacturer and distributor of specialty tires, wheels, The Carlstar Group LLC 7/14/2015 Marathon Industries, Inc. – and belts based in Franklin, Tennessee. (American Industrial Partners) Kelle Oil Company Distributor of tires in the commercial, passenger, and 7/10/2015 K&M Tire, Inc. – (Wholesale Tire Division) light truck tire categories based out of Delphos, Ohio. Provider of auto body repair services with locations in ABRA Auto Body & Glass 7/10/2015 Kadel's Auto Body, LLC – Oregon, Washington, and Ohio. (Hellman & Friedman) Provider of heavy duty aftermarket truck parts, fleet TruckPro, LLC 7/8/2015 Power Train maintenance, and mobile repair services based in the – (Harvest Partners) Indiana, Ohio, and Kentucky markets. Aftermarket replacement parts distributor based in LKQ Corporation 7/8/2015 PartsChannel, Inc. – Dallas, Texas. (NasdaqGS:LKQ) Manufacturer and retailer of high performance BMW 7/6/2015 Turner Motorsport LLC ECS Tuning, LLC – parts and accessories based in Massachusetts. Operator of five car wash locations in Rockford, Illinois Mister Car Wash, Inc. 7/2/2015 Octopus Car Wash – and Madison, Wisconsin. (Leonard Green & Partners) Supplier of switches, ignition coils, and pressure 7/1/2015 Wells Manufacturing, LP sensors in the automotive aftermarket based in Fond du NGK Spark Plug Co. Ltd. $251 Lac, Wisconsin. Wholesaler of tires and tubes to the Northeast and mid‐ American Tire Distributors 6/30/2015 Albert Tire LLC – Atlantic markets based in West Deptford, New Jersey. Holdings, Inc. Valvoline International, Inc. Manufacturer of cleaning products for automobiles Niteo Products, LLC 6/30/2015 $24 (Car Care Products Assets) based in the U.S. (Highlander Partners, L.P.) Producer and marketer of cleaning and maintenance 6/26/2015 Zep, Inc. chemicals, and related products and services based in New Mountain Capital, LLC $699 Atlanta, Georgia. Provider of premium quality exterior and interior 6/22/2015 Covercraft Industries Century Park Capital Partners – protection products.
Note: TEV defined as Total Enterprise Value ($ in millions) Sources: Capital IQ, company filings
28 Select 2015 Aftermarket Transactions
Close Date Target Target Description Buyer TEV European supplier of lighting solutions through its Ring, 6/18/2015 Volvox Group Rubicon Partners – Van‐Line, and BMAC sub‐brands. 6/15/2015 Metcash Automotive Holdings Automotive aftermarket franchise network in Australia. Burson Group $223
Provider of replacement parts including radiators, Driven Brands, Inc. 6/8/2015 1‐800‐Radiator & A/C Inc. cooling units, and fuel pumps for independent installers – (Roark Capital Group) and repair shops based in Benicia, California.
Data‐driven customer retention and marketing solutions 6/4/2015 DMEautomotive, LLC Solera Holdings, Inc. $143 provider to the retail automotive industry. Uni‐Select USA, Inc. and Distributor of automotive parts, equipment, tools, 6/1/2015 Icahn Enterprises, L.P. $340 Beck/Arnley Worldparts, Inc. accessories, and paint. 6/1/2015 The Grease Spot, Inc. 13‐unit quick service oil change operator. The Lube Stop, Inc. – Manufacturer of premium high‐performance rotating 5/27/2015 Spyke Inc. electrical and ignition products for the Harley‐Davidson PerTronix Inc. – motorcycle and Volkswagen markets. National Performance Warehouse 5/26/2015 The Frank Edwards Co. Distributor of automotive parts based in Utah. – Inc. Operator of automotive service centers based in 5/25/2015 Car‐X Tire & Auto Monro Muffler Brake Inc. – Schaumburg, Illinois. Dealix Corporation And Autotegrity, Online connector of new and used car buyers with 5/21/2015 Autobytel Inc. $25 Inc. dealers, dealer groups, and OEMs of vehicles. Supplier of remanufactured starters and alternators to Motorcar Parts of America, Inc. 5/21/2015 OE Plus the automotive aftermarket based in North Dighton, $5 (NasdaqGS:MPAA) Massachusetts. Manufacturer of on‐highway engines and powertrain 5/19/2015 Powertrain Integration LLC Power Solutions International, Inc. $30 systems based in Madison Heights, Michigan. Supplier of interior protection, tire safety, and vehicle 5/18/2015 Bell Automotive Products Hopkins Manufacturing – accessory products. Supplier of high‐quality air intake systems designed for K&N Engineering, Inc. 5/14/2015 AIRAID Filter Company, L.L.C. – light trucks and SUVs. (Gryphon Investors) Supplier of differentials, ring and pinions, and axle 5/13/2015 RWA Holdings Co. Linsalata Capital Partners – products in the light‐duty automotive aftermarket. Supplier of branded performance aftermarket brake 5/8/2015 Power Stop, LLC Sterling Investment Partners, L.P. – products. BBB Industries 5/8/2015 ATSCO Remanufacturing Inc. Remanufacturer of automotive power steering products. – (Pamplona Capital Management) Supplier of paints and supplies to the automotive 5/8/2015 Ray's Auto Paints & Suppliers Uni‐Select Inc. – aftermarket based in North Carolina. Sandhills Automotive Refinishes Multi‐shop supplier of paints and supplies to the 5/8/2015 Uni‐Select Inc. – Inc. automotive aftermarket based California. Supplier of leather care products serving the automotive, HandStands 5/4/2015 Lexol – sporting goods, fashion, and furniture end markets. (Trivest Partners)
5/4/2015 RallySport Direct, LLC Sports compact aftermarket eTailer. Premier Holdings, LLC – Provider of aftermarket appearance products and 4/28/2015 Armored AutoGroup performance chemical products based Danbury, Spectrum Brands Holdings $1,400 Connecticut. Manufacturer of vehicle windows based in Granby, 4/24/2015 SpectAL Industries, Inc. Lippert Components, Inc. $22 Canada. 4/23/2015 Net Driven Supplier of website solutions for jobbers and retailers. Internet Brands, Inc. – LKQ Corporation 4/20/2015 DJ's Autobody Inc. Supplier of aftermarket parts based in Waterloo, Iowa. – (NasdaqGS:LKQ)
Note: TEV defined as Total Enterprise Value ($ in millions) Sources: Capital IQ, company filings
29 Select 2015 Aftermarket Transactions
Close Date Target Target Description Buyer TEV Online retailer of aftermarket powersports parts and 4/20/2015 Killer Motorsports, LLC Vertana Group LLC – accessories. ABRA Auto Body & Glass 4/20/2015 Quality Werks Auto Body, Inc. Collision repair operator in New York. – (Hellman & Friedman) Family of automotive companies offering car care, 4/17/2015 Driven Brands appearance care, general repair, and other services Roark Capital Group – based in Charlotte, North Carolina. Automotive reconditioning company specializing in 4/14/2015 Dent Wizard International paintless dent repair, hail damage repair, and similar Gridiron Capital – services. Wholesale auction platform for vehicles from car 4/13/2015 America's Auto Auction dealers, fleet lease businesses, and repossession Trinity Hunt Partners – companies. ABRA Auto Body & Glass 4/13/2015 Zak's Hi‐Tech Collision Centers Collision repair operator in Illinois. – (Hellman & Friedman) Palmer Performance Engineering, Developer of the DashLogic software platform and 3/31/2015 Auto Meter Products – Inc. DashCommand app. Manufacturer and distributor of performance cooling 3/31/2015 C&R Racing, Inc. PWR Performance Products Pty Ltd. – and drivetrain components. Manufacturer of bioremediating parts, washers, and 3/31/2015 ChemFree Corporation CRC Industries, Inc. $22 parts washing degreasers based in Norcross, Georgia. National Performance Warehouse 3/30/2015 Racer's Equipment Warehouse Distributor to automotive enterprises in New England. – Inc. Designer, manufacturer, and marketer of winch systems 3/25/2015 Superwinch, LLC and accessories for consumer and industrial end‐ Kinderhook Industries – markets based in Connecticut. Manufacturer and distributor of engine cooling and 3/23/2015 Vista‐Pro Automotive temperature control products based in Nashville, Engineered Cooling Systems – Tennessee. Dealer automotive auction company based in Pittsburgh, 3/17/2015 Pittsburgh Auto Auction ADESA, Inc. – Pennsylvania. Savannah Tire and Rubber Dealership operating nine retail locations under the Tire Express Oil, LLC 3/17/2015 – Company, Inc. Pros umbrella based in Savannah, Georgia. (Carousel Capital) Multi‐shop full service glass company based in North ABRA 3/16/2015 Interstate Glass – Carolina. (Hellman & Friedman) Manufacturer of lifted and off‐road suspension kits for 3/9/2015 ReadyLIFT Suspension Inc. Mangrove Equity Partners – trucks and SUVs. 3/5/2015 Wilter Auto & Industrial Supply Wholesaler of automotive parts in Northeastern Alberta. Uni‐Select –
Loro Auto Works Collision Repair Service King Paint & Body, LLC 3/3/2015 Collision repair operator based in Illinois. – Center, Inc. (The Blackstone Group) Service King Paint & Body, LLC 3/2/2015 Central Collision Centers, Inc. Collision repair operator based in Illinois. – (The Blackstone Group) Supplier of automotive interior products based in Grand 3/2/2015 Leon Automotive Interiors Motus Integrated Technologies – Rapids, Michigan. Manufacturer and distributor of steering systems and 3/2/2015 Maval Manufacturing, Inc. specialty products to the automotive service, OE Remy International, Inc. $22 powersports, and off‐road markets. ABRA 2/27/2015 Crash1 Off Alpine Collision Center Collision operator based in Rockford, New York. – (Hellman & Friedman) 2/25/2015 Collision Experts Inc. Multi‐shop collision repair operator in New York. H&V Collision Center, Inc. – Manufacturer and marketer of apparel based in Idaho 2/25/2015 Motorfist LLC Arctic Cat Inc. $9 Falls, Idaho. Manufacturer of racing suspension products primarily 2/23/2015 Competition Suspension, Inc. A‐FAB, LLC – for circle track racers. Note: TEV defined as Total Enterprise Value ($ in millions) Sources: Capital IQ, company filings
30 Select 2015 Aftermarket Transactions
Close Date Target Target Description Buyer TEV ABRA 2/20/2015 Triangle Auto Body Corp. Collision operator in Durham, North Carolina. – (Hellman & Friedman) Distributor of automotive and marine paint products in 2/19/2015 Sea Hawk Refinish Line, Inc. FinishMaster Inc. – Clearwater, Florida. HH Investment Limited Manufacturer of gasoline‐powered go‐karts, light utility 2/18/2015 Polaris Industries Inc. – ("Hammerhead") vehicles, and electric utility vehicles. Manufacturer of aero fairings and other drag‐reducing 2/12/2015 ATDynamics, Inc. Stemco LP $36 products for trailers. 2/9/2015 United Automotive Supply Family‐owned automotive parts distributor. Auto‐Wares – Effingham Truck Sales, Inc. Operator of truck and trailer dealership based in 2/9/2015 Rush Enterprises, Inc. $25 (Certain Assets) Effingham, Illinois. Multi‐shop collision repair operator based in ABRA 2/6/2015 Barrett's Collision Centers – Washington. (Hellman & Friedman) ABRA 2/6/2015 GW Auto Rebuild Collision repair operator in Washington. – (Hellman & Friedman) Distributor of paint protection and tint products for the 2/6/2015 Parasol Canada XPEL Canada Corporation $3 Canadian market. Arrowhead Electrical Products, Inc. 2/6/2015 Hi‐Level Enterprises Limited Distributor of powersports parts based in the U.K. $26 (Pfingsten Partners) Supplier of LED lighting and electronics for the off‐road, 2/6/2015 Rigid Industries, Inc. powersports, agricultural, marine, industrial, and Truck‐Lite Co. – mining markets. Transamerican Manufacturing 2/3/2015 Poison Spyder Customs Manufacturer of Jeep exterior parts and accessories. – Group Charlie's State Avenue Collision Service King Paint & Body, LLC 2/3/2015 Collision repair operator based in Washington. – Repair, Inc. (The Blackstone Group) Manufacturer and marketer of engineered rubber 1/30/2015 Veyance Technologies, Inc. ContiTech AG $1,910 products based in Fairlawn, Ohio Brake Parts Inc. 1/28/2015 OE Quality Friction Inc. Supplier of brake pads based in McHenry, Illinois. – (Torque Capital Group) Service King Paint & Body, LLC 1/20/2015 Jack's Collision Center, LLC Collision repair operator based in Florida. – (The Blackstone Group) Lund International 1/20/2015 Bushwacker Fender flares and truck accessories manufacturer. – (Highlander Partners) 1/9/2015 Integra Tire and Auto Centers Ltd. Tire and automotive service provider based in Canada. Trican Tire Distributors, Inc. – Engineering and manufacturing company for both OE 1/6/2015 AxleTech International The Carlyle Group – and aftermarket drivetrain systems and components. 1/6/2015 Craftmaster Auto Body Group, Inc. Multi‐shop collision repair operator in Florida. Boyd Group $7 Manufacturer of ignition and fuel products for cars, MSDP LLC 1/5/2015 ACCEL Performance Group, LLC – trucks, and motorcycles. (Z Capital Partners) Caliber Bodyworks, Inc. 1/5/2015 Craftsman Auto Body Automotive repair operator based in Virginia. – (OMERS) Caliber Bodyworks, Inc. 1/5/2015 Pohanka Collision Centers Automotive repair operator based in Maryland. – (OMERS) 1/5/2015 Eagle Ottawa, LLC Leather supplier based in Auburn Hills, Michigan. Lear Corporation $850 Multi‐location collision repair operator based in Service King Paint & Body, LLC 1/2/2015 Grand Sport Auto Body – Philadelphia, Pennsylvania. (The Blackstone Group)
Note: TEV defined as Total Enterprise Value ($ in millions) Sources: Capital IQ, company filings
31