Iberian M&A Overview

Automotive Sector

FY 2020

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Market transactions

Date Target Country Target Description Buyer Seller EV (€M)

14/01/2020 USA-Group Spain Turned parts manufacturingPortobello Capital Gestion, SGECR, S.A.; Easo Ventures SCR

USA-Group Management 50

29/02/2020Guardian Industries Corp. (Auto Glass Operations Division)

Spain Auto glass PARTER Capital Group AG Guardian Industries Corp. n.a.

28/04/2020 Metalcaucho S.L. Spain Auto parts specialist BBB Industries, LLC Abac Capital, S.L. 200

19/05/2020 ALPROM & Turnatoire Spain / RomaniaSupplier of aluminum components (manufactured by casting, injection and machining) for the automotive industry

NBI Bearings Europe Private shareholders 16,5

29/07/2020Pricol Espana Sociedad Limitada

SpainAutomotive components and precision engineered products manufacturer

Certina Holding AG Pricol Limited 9,4

20/02/2020 Omnia Motor S.A. SpainProvider of tyres, oils and filters, brakes, shock absorbers, wheels

Vulcanizados Baldajos SL Pirelli & C. S.p.A. n.a.

01/08/2020BRAUN CarTec GmbH ; B&B Holding GmbH & Co. KG

Germany Tool, machine and fixture construction specialist Sodecia S.A Private shareholders n.a.

22/12/2020 Caveo Automotive Spain, S.A. SpainManufacturer of suspension springs, stabilizer bars and torsion bars for heavy vehicles

Tunisia Automotive Caveo Automotive, S.L. n.a.

15/09/2020

Turbo Motor Inyección and Turbos y Componentes Automoción (turbocharger remanufacturing division)

Spain Turbocharger remanufacturing BORG AutomotiveTurbo Motor Inyección, Turbos y Componentes Automoción

n.a.

30/09/2020 UGF Sud Portugal Van racking kit manufacturer Visscher-Caravelle UGF Industrie n.a.

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Selected Deals

Mutares AG acquires Cooper-Standard automotive,Inc.

Mutares SE & Co, a German company specialized inmedium-sized companies going through recovery phases,acquired in May 2020 the rubber fluid transfer businessesof Cooper-Standard Automotive Inc, which are locatedmainly in Spain and Poland, through Cooper-StandardAutomotive Inc., for an undisclosed amount. The businesscombination in the Mutares portfolio will allow Elastomer,a Mutares subsidiary, and the company to leverage theirsynergies in all business areas.

BBB Industries acquires Metalcaucho

BBB Industries, SL, a US-based company that leads theremanufacturing of alternators for automobile engines, hasacquired in June 2020 Metalcaucho SL, a company based inSpain dedicated to the design and distribution of spareparts for automobile, to Abac Capital SL, for around 200million euros. The transaction will help BBB Industriesexpand its market reach and serve its customers moreefficiently. Based in Barcelona, Metalcaucho is dedicated tothe sector of rubber and metal spare parts and accessoriesfor automobiles.

NBI Bearings Europe acquires Turnatorie andALPROM (51,35%)

NBI Bearings Europe, a Spanish company dedicated to theindustrial production of bearings, has acquired 100% of theRomanian Turnatorie. Turnatorie, based in Bihor, is acompany dedicated to supplying aluminium componentsfor the automotive industry and to a lesser extent forgeneral industry. In turn, NBI Bearings Europe has alsoacquired 51.35% of ALPROM, a Burgos-based companydedicated to supplying aluminium components for theautomotive sector.

Tunisia Automotive acquires Caveo Automotive

Tunisia Automotive has agreed to acquire CaveoAutomotive Spain, S.A., the Spain-based manufacturer ofsuspension springs, stabilizer bars and torsion bars forheavy vehicles, from Caveo Automotive, S.L..

Portobello Capital acquires USA Group (80%)

Portobello Capital Gestion SA, a Spanish capital fund,acquired in January 2020 an 80% stake in USA Group, aniche industrial family company based in Vizcaya dedicatedto the manufacture of precision metal parts mainly for theautomotive sector, for around 50 million euros (EV /EBITDA multiple of 7.0x). The investment will support notonly the inorganic growth but also the organic growth ofthe USA Group by boosting commercial activity,consolidating its market position and investing in newmachinery and product development.

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Financial data and valuation multiples of American and European listed companies by segment

COMPANYSALES (M) EBITDA (M) EBITDA MARGIN EV / VENTAS EV / EBITDA

LTM FY+1 LTM FY+1 LTM FY+1 LTM FY+1 LTM FY+1

MU

LTIP

RO

DU

CT

CONTINENTAL AG 37.823 37.604 1.892 3.385 5,0% 9,0% 0,6x 0,8x 15,9x 8,9x

MAGNA INTL 28.638 33.403 2.503 3.641 8,7% 10,9% 0,7x 0,7x 9,9x 6,8x

JOHNSON CONTROLS 19.370 19.329 1.977 2.852 10,2% 14,8% 1,9x 2,2x 21,1x 14,6x

VALEO SA 16.436 18.771 1.388 2.397 8,4% 12,8% 0,7x 0,6x 8,0x 4,6x

CIE AUTOMOTIVE 2.882 3.212 431 538 15,0% 16,8% 1,6x 1,5x 11,0x 8,8x

SOGEFI 1.225 1.329 - 163 - 12,3% - 0,4x - 3,4x

AKWEL 1.101 937 126 157 11,5% 16,8% 0,5x 0,8x 6,0x 4,9x

KONGSBERG AUTOMO 969 1.133 - 107 - 9,4% - 0,5x - 5,8xMedian 9,5% 12,5% 0,7x 0,8x 10,4x 6,3x

MO

TOR

BORGWARNER INC 8.917 12.319 1.032 1.846 11,6% 15,0% 1,1x 0,9x 11,0x 6,1x

LINAMAR CORP 3.805 3.728 523 552 13,7% 14,8% 0,6x 1,0x 7,1x 6,8x

MARTINREA INTERN 2.141 2.162 156 231 7,3% 10,7% 0,5x 0,6x 8,9x 6,0x

MODINE MFG CO 1.549 1.481 12 135 0,8% 9,1% 0,6x 0,6x 75,7x 7,0x

ELRINGKLINGER AG 1.449 1.454 151 151 10,4% 10,4% 0,7x 1,0x 9,5x 9,5xMedian 10,4% 10,7% 0,6x 0,9x 9,5x 6,8x

CH

ASI

S

GESTAMP AUTOMOCI 7.456 8.614 667 1.022 9,0% 11,9% 0,7x 0,7x 8,4x 5,5x

DANA INC 6.233 6.974 429 772 6,9% 11,1% 0,7x 0,7x 11,3x 6,3x

AMER AXLE & MFG 4.132 4.533 110 745 2,7% 16,4% 0,8x 0,8x 31,6x 4,7x

BREMBO SPA 2.181 2.172 380 389 17,4% 17,9% 1,5x 1,9x 11,1x 10,9xMedian 7,9% 14,1% 0,8x 0,7x 11,2x 5,9x

TRIM

FAURECIA 14.654 16.783 1.310 2.316 8,9% 13,8% 0,6x 0,6x 7,3x 4,1x

PLASTIC OMNIUM 7.073 8.108 633 996 8,8% 12,3% - 0,8x 9,8x 6,2x

GRAMMER AG 1.686 1.660 - 34 - 2,1% 0,4x 0,5x - 24,0x

PLASTIVALOIRE 629 726 39 74 6,2% 10,1% 0,6x 0,7x 12,1x 6,4x

RIETER HLDG-REG 555 523 64 (37) 11,5% -7,1% 0,6x 0,9x 7,3x n.a.

POLYTEC HOLDING 536 523 41 46 7,7% 8,9% 0,5x 0,7x 8,8x 7,8xMedian 8,8% 9,5% 0,6x 0,7x 8,8x 6,3x

Source: Bloomberg as of 2021/03/04: “-” = not available; “n.a.” = not applicable

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Summary

0,0x

0,2x

0,4x

0,6x

0,8x

1,0x

Motor Multiproduct Chasis Trim

EV/Sales

5,0x

5,4x

5,8x

6,2x

6,6x

7,0x

Motor Trim Multiproduct Chasis

EV/EBITDA

6,3x

0,8x

0,0x

1,0x

2,0x

3,0x

4,0x

Chasis Trim Multiproduct Motor

Net Debt/EBITDA

2,5x

Note: Average of the medians by automotive segment

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