Bilbao, 02.02.2023 - CIE Automotive announced today the acquisition of 100% of the share capital of the company Iber-Oleff Brasil, Ltda (hereinafter "Iber-Oleff Brasil").
The enterprise value of the transaction amounts to around EUR 20 million - equivalent to circa 6.7 times EBIT in 2022.
The deal also includes the acquisition for approximately 2 million euros of a plot of land adjacent to the factory, which the company will use for expansion.
The transaction price will be paid by CIE Automotive in cash at closing and will be financed through currently available cash.
With around 400 employees and 2022 sales of 25 million euros, Iber-Oleff Brasil has one plant in Salto, in the state of Sao Paulo, and specialises in the manufacture of plastic components for vehicle interiors, integrating injection, welding, painting, laser and assembly processes.
According to Jesús María Herrera, CEO of CIE Automotive, "The integration of Iber-Oleff Brasil gives us access to major Asian OEMs in the country, as well as reinforces our positioning with European and American OEMs. The project offers us a unique opportunity to grow with all of them with limited investment, thanks in large part to the synergies of its integration into our Brazilian plastics division.
He continues: "With this acquisition, we strengthen our commitment to the Brazilian automotive market, where we continue to increase our market share month by month and where we are undoubtedly a reference supplier thanks to our multi-technological and global character, which gives us an unrivalled competitive advantage when supplying our customers".
The closing of the transaction is subject to the fulfilment of the usual conditions for this type of operation.