D’Ieteren: Finalization of the acquisition of Parts Holding Europe







August 4, 2022 – Group

The D’Ieteren group is pleased to announce that it has completed the acquisition of Parts Holding Europe (PHE).

The D’Ieteren Group is pleased to announce that, following the press releases of February 14 and March 14, 2022, it has finalized the acquisition of Parts Holding Europe (PHE), a West European leader in the independent distribution of automotive spare parts present in six countries: France, Belgium, the Netherlands, Luxembourg, Italy and Spain.

The transaction has been approved by the European Commission, subject to the divestiture of PHE’s specialist glass repair business.

The acquisition price corresponds to an enterprise value of €1.7 billion, resulting in an equity consideration paid of €571 million (€540 million of equity as previously announced plus cash generated by the company since January 1st, 2022), to be financed with the excess liquidity of the D’Ieteren Group. This corresponds to a 2021 EV/EBITDA multiple of 6.9x.

At the closing date, the D’Ieteren Group holds 100% of PHE and will fully consolidate the company (global consolidation) from August 1st2022. Minority investors, including management and several independent partners and distributors, will invest alongside the D’Ieteren group in PHE, up to a combined stake of approximately 10%.

Group profile

Existing since 1805, and through family generations, the D’Ieteren group seeks growth and value creation by pursuing a long-term strategy for its businesses and actively encouraging and supporting them to develop their position in their sector. and their geographical areas. The Group currently has the following activities:

  • Belron (50.01% of economic rights, fully diluted) has a clear objective: “to make a difference by solving people’s problems with real care”. It is the global leader in vehicle glass repair, replacement and recalibration, operating in 37 countries, through wholly owned businesses and franchises, with market leading brands including Carglass®, Safelite® and Autoglass®. In addition, Belron handles vehicle glazing and other insurance claims on behalf of insurance customers. Revenue and EBITA reached €4,647 million and €815 million respectively in FY21.
  • 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 in circulation. Its economic model is evolving towards “improving the lives of citizens with fluid, accessible and sustainable mobility”. Revenue and EBITA reached €3,239 million and €103 million respectively in FY21.
  • PHE (100% owned) is a leader in the independent distribution of spare parts for vehicles in Western Europe, present in France, Belgium, the Netherlands, Luxembourg, Italy and Spain. Its mission is to “promote affordable and sustainable mobility”. It generated sales of €2.0 billion and EBITDA of €246 million in FY21.
  • HST (40% owned) is a leading independent global distributor of aftermarket parts for material handling, construction, industrial and agricultural equipment. It operates in 26 countries around the world. It has a unique operating model and has a clear goal of “keeping customers in business and growing”.
  • Moleskin (100% owned) is a high-end, aspirational lifestyle brand that develops and sells iconic branded notebooks and writing, travel and reading accessories through a global multi-channel platform. Its purpose is to “unleash human genius through hands on paper to empower the creativity and knowledge of each individual and of the entire world”. Revenue and EBITA reached €122m and €12m respectively in FY21.
  • D’Ieteren Immo (100% owned) brings together the Belgian real estate interests of the D’Ieteren Group, in particular in part historically linked to the Automotive business. It owns and manages 37 sites which generated €21.7m in net rental income in FY21. It also pursues investment projects and carries out studies on possible site renovations.

Contact

Francis Deprez, Chief executive officer
Arnaud Laviolette, Financial director

Stéphanie Voisin, Investor Relations Tel: + 32 (0)2 536.54.39
Email: financial.communication@dieterengroup.com – Website: www.dieterengroup.com

Disclaimer

D’Ieteren SA published this content on August 04, 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unmodified, on Aug 04, 2022 15:57:11 UTC.

Public now 2022

All the news of the GROUPE D’IETEREN

2022 sales 3,983 million
4,037 million
4,037 million
Net income 2022 409M
414M
414M
Net cash 2022 407M
413M
413M
PER 2022 ratio 21.9x
2022 return 1.35%
Capitalization 8,899 million
9,021 million
9,021 million
EV / Sales 2022 2.13x
EV / Sales 2023 1.51x
# of employees 2006
Floating 37.1%


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Medium consensus TO BUY
Number of analysts 3
Last closing price €166.80
Average target price €208.67
Average Spread / Target 25.1%


Mary I. Bruner