Our dedicated Automotive Aftermarket team is widely recognized in the industry, providing our clients with a broad range of services including:
Our proven transaction execution capabilities, combined with our leading industry expertise in every aftermarket niche and channel, has allowed BB&T Capital Markets to build strong relationships with the industry’s leading companies, executives, and private equity investors. The results are evident in our track record: since 2009, BB&T Capital Markets has closed more automotive aftermarket merger and acquisition deals than any other firm and we have managed every automotive aftermarket public equity offering.
On January 31, 2017, SpeeDee Oil Change & Auto Service (“SpeeDee”), a subsidiary of TBC Corporation (“TBC”), was acquired by Grease Monkey International. BB&T Capital Markets served as exclusive financial advisor to TBC Corporation / SpeeDee.
On July 13, 2016, BB&T Capital Markets served as a co-manager for a $375 million offering of 5.50% senior notes by Valvoline Finco Two LLC, a newly formed, indirect, wholly owned, subsidiary of Ashland Inc. Valvoline Finco will be merged into Valvoline Inc. after Ashland contributes substantially all of the historical assets and liabilities related to the Valvoline business, as well as other assets and liabilities.
Proceeds from the offering will be transferred to Ashland through intercompany transfers. Ashland intends to use the proceeds to repay borrowings under its senior unsecured credit facilities.
On June 6, 2016, BB&T Capital Markets served as a co-manager for a $500,000,000 offering of senior notes by Tenneco Inc. Proceeds from the offering were used to purchase any and all of Tenneco’s outstanding $500 million 6 7⁄8% senior notes tendered in the tender offer and to redeem any of such 6 7⁄8% senior notes that are not tendered at a redemption price of 103.438% per $1,000 principal amount of 6 7⁄8% senior notes and to pay fees, premiums, expenses and unpaid and accrued interest related to the tender offer or redemption.
On April 7, 2016, BB&T Capital Markets served as a co-manager for a €500 million offering of 3.875% notes due 2024 by LKQ Italia Bondco, a subsidiary of LKQ Corporation. Proceeds from the offering are being used to refinance existing debt.
On March 1, 2016, BB&T Capital Markets served as a co-manager for a $500 million offering of 3.55% senior notes due 2026 by O’Reilly Automotive, Inc. Proceeds from the offering are being used for general corporate purposes, which may include ordinary course working capital increases, repurchases of common stock, repayment of debt, or other investments, including acquisitions.
On September 23, 2015, Z Capital Partners, L.L.C., (“Z Capital”), the private equity arm of Z Capital Group, L.L.C., completed the sale of MSDP Group, LLC (“MSDP”) to Holley Performance Products Inc. (“Holley”), a portfolio company of Lincolnshire Management, Inc. (“Lincolnshire”). BB&T Capital Markets served as financial advisor to MSDP.
The transaction represents the 7th completed deal in the performance and enthusiast segment of the automotive aftermarket since 2013 for BB&T Capital Markets.
On September 16, 2015, BB&T Capital Markets served as a co-manager for a $750 million two-tranche bond offering by AutoNation, Inc. The offering consisted of $300 million of 3.35% notes due 2021 and $450 million of 4.50% senior notes due 2025. Proceeds from the offering are being used to reduce borrowings under AutoNation’s credit facility and for general corporate purposes.
On September 10, 2015, Dubin Clark & Company, Inc., (“Dubin Clark”), a leading middle market private equity firm, completed the sale of Driven Performance Brands, Inc. (“DPB”) to Sentinel Capital Partners, L.L.C., (“Sentinel”). BB&T Capital Markets served as financial advisor to DPB.
The transaction represents the 6th completed deal in the performance and enthusiast segment of the automotive aftermarket since 2013 for BB&T Capital Markets.
On August 31, 2015, Pfingsten Partners, L.L.C. (“Pfingsten”), a leading middle market private equity firm, completed the sale of AEP Holdings, Inc. (“Arrowhead”) to The Riverside Company (“Riverside”). BB&T Capital Markets served as financial advisor to Arrowhead.
On June 30, 2015, Niteo Products, LLC, a newly-formed affiliate of Highlander Partners, L.P., acquired Valvoline’s car care products assets from Ashland Inc. BB&T Capital Markets served as the exclusive financial advisor to Ashland Inc.
BB&T Capital Markets served as the exclusive financial advisor to 1-800 Radiator and A/C, the largest franchised automotive parts distributor in North America, in its sale to Driven Brands, a leader in automotive service franchising and the parent company of such leading franchise brands as MAACO® and Meineke Car Care Centers®. Driven Brands is a portfolio company of Roark Capital Group.
“1-800 Radiator and A/C is a truly innovative platform in the automotive aftermarket,” said Rex Green, managing director in BB&T Capital Markets Automotive Aftermarket Group and head of Retail & Consumer investment banking. “The Company has transformed the aftermarket temperature control supply chain and as part of the Driven Brands family, we would expect it to continue to apply its advanced technology and business processes to other aftermarket products and services.”
“Having known the Company and its management team for a number of years and witnessed its growth into a national distribution platform first-hand, we are looking forward to watching its next phase of growth as part of Driven Brands,” added Jonathan Carey, managing director and head of BB&T Capital Markets’ Automotive Aftermarket Group.
The terms of the transaction are undisclosed.
BB&T Capital Markets’ Automotive Aftermarket Group completed a transaction for a leading recycler and reseller of original equipment manufacturer (“OEM”) automotive products in the second quarter of 2015, in an equity offering worth $110,400,000.
The Company intends to use the net proceeds from this offering to acquire eight companies engaged in the recycling and resale of automotive products, repay existing indebtedness, and fund future acquisitions and general corporate purposes. Total gross proceeds includes the full exercise of the underwriters’ over-allotment option, through which they purchased an additional 1,800,000 shares.
BB&T Capital Markets’ Automotive Aftermarket Group served as a co-manager in Axalta Coating Systems’ $1.12 billion follow-on offering. Axalta is a portfolio company of The Carlyle Group.
On January 30, 2015, The Engineering Solutions Division of The Columbia Group, Inc. (“The Columbia Group” or “the Division”), a designer, developer, and manufacturer of cutting edge unmanned undersea vehicles serving military customers around the world, was acquired by Huntington Ingalls Industries, Inc. (“HII”). BB&T Capital Markets | Windsor Group served as the exclusive financial advisor to The Columbia Group. Financial terms of the transaction were not disclosed.
Accessories, Appearance, Collision Parts, Heavy Duty, Paint, Performance, Recreational Vehicles, Remanufacturers, Specialty Chemicals & Lubricants, Specialty Products, Systems Technology Providers, Tires, Tools & Equipment, Traditional Hard Parts, Marine
Accessories and Performance, Broadline WD’s, Collision (PBE), Commercial Distributors (DIFM), Jobbers, OES Distributors, Specialty Distributors, Tires & Wheels, Whole Vehicle & Salvage Vehicle Auctions, Heavy Duty, Recreational Vehicles, Marine
Tire and Service Retailers, Quick Lube, Auto Parts Stores, Accessories and Performance, Catalog, New Vehicle Dealers, On-line Retailers, Used Vehicle Dealers, Other Specialty Retail, Collision Repair, Transmission Repair, Franchise Groups