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Standard Motor Products Completes Acquisition of Nissens Automotive


Counterman

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announced the completion of the previously announced acquisition of AX V Nissens III APS (
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), European manufacturer and distributor of aftermarket engine cooling and air conditioning products with a growing array of vehicle control technologies.

Under the terms of the agreement, SMP has acquired all the issued and outstanding shares of Nissens for approximately $390 million (€360 million), net of cash and assumed debt and subject to post-closing adjustments, from Nordic private equity firm Axcel and the Nissen family, according to a news release announcing the acquisition.

“We are very pleased to announce the closing of the Nissens acquisition. With this combination, we create an aftermarket leader in North America and Europe across our key product categories. The strength of Nissens’ leadership team and overall cultural fit will allow for immediate collaboration on opportunities for growth through cross-selling as well as bi-directional synergies with significant savings potential. We welcome Nissens and its employees to the SMP family,” said Eric Sills,

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‘ chairman and CEO.

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