H2 Equity readies Brink exit with Houlihan Lokey

A process to sell Brink, which manufactures towbars for the automotive industry, is expected to launch mid-April, according to one of the sources.

Brink will be marketed based on EBITDA of more than €25m, one of the sources said. The business, which is the product of a 2014 spin-out from Thule Group, has seen its EBITDA grow by 50% in recent years on account of its leading position as a supplier to both original equipment manufacturers and European aftermarket customers, this source added.

Brink's selling points include its resilience in the face of Covid-19, the same source said. Regardless of the pandemic, demand for towbars has been growing thanks to consumer trends and technological advances, he noted.

Brink generates revenues slightly below €200m, one of the sources said.

H2 acquired Brink from Nordic Capital for an undisclosed sum in 2015. The Amsterdam and London-based sponsor terminated an agreement to sell Brink to US-based Horizon Global Corporation for €169m in 2018 after Horizon resolved to remain independent.

Brink and H2 Equity did not reply to requests for comment. Houlihan Lokey declined to comment.

This article was originally published in Unquote sister publication Mergermarket

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