H2 Equity Partners sells Sator to LKQ

The Sator acquisition was financed by LKQ Corporation, a provider of after-market and recycled collision replacement parts and refurbished collision replacement products in the US and Canada.

In October 2011, LKQ acquired UK-based Euro Car Parts from its founder and managing director, Sukhpal Singh Ahluwalia, for £225m plus additional payment of £55m. The new entity plans to use this transaction as a springboard for further acquisitions in Europe.

H2 Equity Partners acquired Sator Holding in July 2009. H2 had been in contact with LKQ in recent years, and deemed this a good time to sell. Negotiations started in January 2013 and the deal will close on 1 May.

H2 repaed a 6x multiple on the sale.

Company
Established in 2005, Sator has more than 800 employees and distributes from 11 warehouse locations in the Netherlands, Belgium and northern France. It has a combined floor space of 65,000 m2 and holds stock worth in excess of €80m at retail prices.

Sator generated sales of £288m and an EBITDA of €26.5m in 2012.

People
Sukhpal Singh Ahluwalia is managing director at LKQ Europe. Adriaan Roggeveen is chief executive officer and co-founder of Sator.

Advisers
Vendor - Houthoff Buruma (Legal); Lloyds (Financial due diligence).
Acquirer - Baker & McKenzie (Legal); Baird (Corporate finance); Grant Thornton (Financial due diligence).

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