New York, United States- Standard Motor Products, Inc. (SMP), an automotive parts manufacturer and distributor, has completed its acquisition of AX V Nissens III APS (Nissens), a European company a European Manufacturer and distributor of aftermarket engine cooling and air conditioning products, along with an expanding portfolio of vehicle control technologies. Under the agreement terms, SMP acquired all issued and outstanding shares of Nissens for approximately $390 million (€360 million), net of cash and assumed debt and subject to post-closing adjustments. The sellers include Nordic private equity firm Axcel and the Nissen family.
Mr. Eric Sills, Standard Motor Products’ Chairman and CEO, said, “We are very pleased to announce the closing of the Nissens acquisition. With this combination, we create an aftermarket leader in North America and Europe across our key product categories. The strength of Nissens’ leadership team and overall cultural fit will allow for immediate collaboration on opportunities for growth through cross-selling as well as bi-directional synergies with significant savings potential. We welcome Nissens and its employees to the SMP family.”
About Standard Motor Products
Standard Motor Products (SMP) is a supplier of premium automotive aftermarket parts and custom-engineered solutions, with segments in Vehicle Control, Temperature Control, and Engineered Solutions for various industries.
About Nissens Automotive
Nissens an European supplier of thermal management and engine efficiency products, dedicated to the independent automotive aftermarket. The company follows a multi-brand strategy, serving both passenger and commercial vehicle applications.
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