TowerBrook Capital Partners L.P. (“TowerBrook”) today announces that it has entered into a definitive, binding agreement regarding the sale of Autodistribution to Bain Capital, LLC (“Bain Capital”). Bain Capital is a privately-held alternative investment firm with approximately $75 billion of assets under management in several pools of capital including private equity, venture capital, public equity and credit products.
Autodistribution (www.groupe-autodistribution.com) is the leading distributor of aftermarket spare parts for light vehicles and trucks in the independent aftermarket segment (“IAM”) in France. With more than 5,500 employees in France and 1,000 in Poland, the Group’s customers benefit from its experience and knowledge of multi-brand car and HGV parts. Autodistribution has pioneered the creation of a consortium of independent distributors, comprising distributors of light and heavy goods vehicle parts. It also manages the first French network of independent garages and body shops under the AD brand.
Following TowerBrook’s acquisition of Autodistribution and the appointment of a new management team in April 2009, profits have more than tripled under TowerBrook’s ownership. This positive outcome has been driven by a number of factors including the creation of a healthy capital structure, the appointment of a first class management team, the successful implementation of a detailed profit improvement plan and enhancement of the purchasing strategy by the central purchasing departments and affiliated independent distributors. Alongside organic growth, the company has also executed a successful M&A strategy. The management team has successfully integrated acquired businesses such as Enssemble, FPLS and ACR, reinforcing Autodistribution’s leadership in France, with 483 distribution sites and 3,200 affiliated garages covering all French regions.
The acquisition represents an exciting opportunity for Autodistribution to engage in new avenues of growth and start its next phase of development.
The transaction remains subject to customary regulatory approval.