Log in
Forgot password ?
Become a member for free
Sign up
Sign up
Dynamic quotes 

MarketScreener Homepage  >  Equities  >  Nasdaq  >  LKQ Corp       

My previous session
Most popular
News SummaryMost relevantAll newsOfficial PublicationsSector newsTweets

LKQ : Car parts firm Autodis sets course for French share listing - sources

share with twitter share with LinkedIn share with facebook
share via e-mail
12/18/2017 | 05:35pm CEST

MADRID/LONDON (Reuters) - The U.S. private equity owner of French vehicle spare parts distributor Autodis is selecting banks for a share sale next year in a deal that could value the business at more than 1 billion euros (£89.5 million), six sources familiar with the matter told Reuters.

Bain Capital, which has controlled the aftermarket spare parts distributor for less that 24 months, is preparing for an initial public offering (IPO) of shares in Paris and has invited banks to pitch for a role in what could be one of the country's biggest listings next year, they said.

A competition to select banks for the IPO took place in early December with Bain hoping to get the business valued at around 2 billion euros, one of the sources said.

He added that there was no interest in running an auction process in conjunction with the share sale in what is known as a 'dual track' process to maximise the price.

"The only focus is on taking the company public and a decision on banks is imminent," he said.

Bain and Autodis declined to comment.

Merger activity in the aftermarket auto parts industry is picking up as the average age of vehicles increases in slow-growing economies, such as those in many European countries.

But finding an industry buyer for Autodis is a tall order as most sector players including U.S. parts retailer LKQ have recently clinched major deals and are not yet ready to embark on new acquisitions, two of the sources said.

In 2015 LKQ bought Italy's Rhiag from private equity firm Apax to expand in the European auto spares market, while on Dec. 11 it agreed to buy Germany's Stahlgruber in a $1.8 billion deal.

Stahlgruber was valued at almost 12 times its EBITDA and this could be Autodis's top line valuation when it goes public, according to another source.

Autodis, which specialises in selling spare parts for light vehicles and trucks, has more than 100 million euros of earnings before interest, taxes, depreciation, and amortization (EBITDA). Last year it had adjusted EBITDA of 92.4 million euros on revenues of 1.2 billion euros.

Based in Arcueil, on the edge of Paris, Autodis has a long history of private equity ownership as buyout funds have repeatedly injected capital for more than a decade.

In 2006 Bahrain-based Investcorp acquired the firm, also known as Autodistribution Group, but struggled to make profits as the industry suffered a dramatic fall in demand, with manufacturers, dealers and suppliers all affected.

Autodis went through a long restructuring with private equity firm TowerBrook Capital taking a majority stake in 2009 as part of a debt-for-equity swap deal and managing its turnaround until 2015 when it sold it to Bain.

As part of its buy-and-build strategy Bain made a number of bolt-on acquisitions to take Autodis into other European markets, including the purchase of three Italian businesses - Ovam, Top Car and Ricauto.

Bain was among those vying to secure control of Germany's Stahlgruber as it was hoping to merge it with Autodis and create a European champion in auto-parts distribution.

Having lost out to U.S. rival LKQ, the U.S. investment firm decided to seek a stock market listing instead, the sources said.

(Additional reporting by Arno Schuetze; Editing by Greg Mahlich)

By Andrés González and Pamela Barbaglia

share with twitter share with LinkedIn share with facebook
share via e-mail
Latest news on LKQ CORP
10/04LKQ Corporation to Release Third Quarter 2018 Results on Thursday, October 25..
08/31LKQ CORPORATION : to Present at Upcoming Investor Conferences
08/30LKQ CORP : Regulation FD Disclosure (form 8-K)
08/30LKQ Corporation to Present at Upcoming Investor Conferences
08/08LKQ CORP : Change in Directors or Principal Officers (form 8-K)
08/07LKQ CORP : Regulation FD Disclosure (form 8-K)
08/06LKQ CORPORATION : Appoints Three New Board Members
08/06LKQ : Management's Discussion and Analysis of Financial Condition and Results of..
08/02LKQ Corporation to Present at Upcoming Investor Conference
07/26LKQ CORP : Results of Operations and Financial Condition, Financial Statements a..
More news
News from SeekingAlpha
2017LKQ Corporation's (LKQ) Management Discusses Acquisition of Stahlgruber GmbH .. 
2017LKQ-STAHLGRUBER DEAL : Moving Into Germany 
2017LKQ Corporation (LKQ) To Acquire Stahlgruber GmbH - Slideshow 
2017LKQ Corporation announces agreement to acquire Stahlgruber GmbH 
2017LKQ (LKQ) Presents At Bank of America Merrill Lynch Leveraged Finance Confere.. 
Financials ($)
Sales 2018 11 973 M
EBIT 2018 1 040 M
Net income 2018 639 M
Debt 2018 3 067 M
Yield 2018 -
P/E ratio 2018 14,31
P/E ratio 2019 12,01
EV / Sales 2018 1,02x
EV / Sales 2019 0,93x
Capitalization 9 100 M
Duration : Period :
LKQ Corp Technical Analysis Chart | MarketScreener
Full-screen chart
Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 15
Average target price 43,2 $
Spread / Average Target 51%
EPS Revisions
Dominick Paul Zarcone President, Chief Executive Officer & Director
Joseph M. Holsten Executive Chairman
Varun Laroyia Chief Financial Officer & Executive Vice President
Ashley T. Brooks Chief Information Officer & Senior VP
William M. Webster Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
LKQ CORP6.05%9 100
BAPCOR LTD25.49%1 416
INTER CARS SA-16.45%978