Bain exits Parts Holding Europe to D'Ieteren for EUR 1.7bn

D'Ieteren's acquisition of 100% of the share capital values PHE at an enterprise value of EUR 1.7bn and an equity value of EUR 540m, the buyer said in a statement. 

In the year to September 2021, PHE had a revenue of EUR 1.9bn (up 10%) and an EBITDA of EUR 238m (up 17%), D'Ieteren said in a statement. The price thus reflects an EBITDA multiple of around 7x. 

Bain has tried to list the asset, also known as Autodistribution, twice. Most recently it pulled a June 2021 IPO after it failed to raise EUR 450m during book building, as reported.

It originally priced shares at EUR 16 - EUR 20, implying a market cap of EUR 1.1bn and an enterprise value of EUR 1.8bn. 

In 2018, Bain withdrew another IPO attempt that valued the company at around 12x FY18 EBITDA of EUR 100m. 

PHE has a compounded yearly sales and EBITDA growth of respectively 5.6% and 20.2% since 2010, said D'Ieteren. 

PHE sells spare parts for light vehicles and trucks both B2C and B2B. D'Ieteren said that PHE has a strong presence in France, Belgium, Spain, Italy, Luxemburg and The Netherlands. 

D'Ieteren's share price dropped 4% on opening. 

The transaction is expected to close in Q3/4 2022. 

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