2015 automotive aftermarket mergers and acquisitions · pdf file2015 automotive aftermarket...

2015 AUTOMOTIVE AFTERMARKETMERGERS AND ACQUISITIONS

YEAR IN REVIEW AND OUTLOOK

BB&T Capital Markets is a division of BB&T Securities, LLC, member FINRA/SIPC. BB&T Securities, LLC, is a wholly owned nonbank subsidiary of BB&T Corporation. Securities or insurance products and annuities sold, offered or recommended are not a deposit, not FDIC insured, not guaranteed by a bank, not guaranteed by any federal government agency and may go down in value.Information contained herein has been obtained

from sources we believe to be reliable and accurate, but we do not guarantee its accuracy or completeness. This material is not to be considered an offer or solicitation regarding the sale of any security.

© 2016, Branch Banking and Trust Company. All rights reserved.

1

BB&T Capital Markets (“BB&T”) and the Automotive Aftermarket Suppliers Association(“AASA”) are pleased to bring you the 2015, and fifth annual, Automotive Aftermarket M&A Overview.This publication, which is a collaboration between BB&T and AASA, is intended to serve as a review ofnotable deals and deal trends in the automotive aftermarket in 2015. It also looks forward to the dealmarket in 2016 and beyond.

Transactions have played and will continue to play an increasingly important role in thetransformation of the aftermarket. Deals have the power to change the market, alter the customerbase, and challenge companies’ competitive positions. The aftermarket provides investors, whetherstrategic or financial, with above market returns for what is otherwise below market risk. Couple thiswith what is still a very fragmented aftermarket and we anticipate M&A deal volume will remainstrong.

This publication is an effort by BB&T and AASA to ensure that companies in the aftermarket –and the investors behind them – understand what is happening in the market and stay ahead of thecurve on transaction trends.

Thank you,

Introduction

BB&T Capital Markets is the leading investment bank to

the aftermarket. The firm provides unparalleled industry

expertise with best‐in‐class transaction execution. BB&T

Capital Markets has the longest‐tenured aftermarket

practice on Wall Street, and offers merger & acquisition

advisory, capital raising, and a full suite of investment

banking services to the entire aftermarket channel and in

every segment of the industry.

Joseph N. SparacinoSenior Vice President

Head of Aftermarket Investment Banking Practice

BB&T Capital Markets

617.316.1334│ [email protected]

Jay BurkhartVice President

Chief Strategy Officer

Automotive Aftermarket Suppliers Association

919.406.8846│ [email protected]

The Automotive Aftermarket Suppliers Association

exclusively represents the North American Aftermarket

supplier industry. AASA and its parent MEMA is

recognized as one of the nation’s strongest and most

prominent trade organizations with more than 100 years

of experience. AASA’s sole mission is to help its members,

the aftermarket suppliers, to be more profitable,

innovative, and competitive on a global scale.

www.aftermarketsuppliers.orgwww.bbtcapitalmarkets.com

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Overview of U.S. M&A Activity

Automotive Aftermarket Commentary

Select 2015 Aftermarket Trends and Observations Commentary

What to Expect in 2016

Appendix: Public Aftermarket Metrics & Select 2015 Aftermarket Transactions

Table of Contents

3

2015 saw a new high in the number of M&A deals closed

− Buyers, both strategic and financial, remain flush with cash, and continue to pursue acquisitions aggressively

− Strategic buyers continue to use M&A to expand market share and drive growth

− Although the Federal Reserve began to raise interest rates during the fourth quarter, rates remain nearhistoric lows and debt availability supports continued high levels of leverage

− Elevated levels of dry powder and cheap financing are driving financial sponsors to aggressively pursuequality acquisition targets and allowing firms to offer more competitive bids

In the U.S., there were 12,880 M&A transactions across all industries in 2015

− 2015 deal volume outpaced 2014 by 8.1%, as improving macroeconomic dynamics and favorable lendingconditions emboldened acquirers

− Private equity continues to play an active role in the middle market, having a positive and increasinglyimportant impact on the number of M&A deals

Number & Value of Total U.S. Transactions(For transactions with disclosed value)

Sources: FactSet, Renaissance Capital, The Wall Street Journal

The U.S. M&A Market Hit New Multi‐Year Highs in 2015

217 163

257

418

773

1,288

193 158 234

367

615

1,086

296 222

334

514

753

1,391

310

203 292

526

853

1,464

–

200

400

600

800

1,000

1,200

1,400

1,600

$1 billion + $500m to $1 billion $250m to $500m $100m to $250m $25m to $100m Under $25m

# of Deals

2012 2013 2014 2015

4

Strategic & Private Equity Buyers Maintain Historic Levels of Buying Power Despite Significant M&A Activity

Although acquirers continued to aggressively deploy capital in M&A transactions throughout 2015, strategicand private equity buyers maintain substantial purchasing power

− The aggregate cash balances of S&P 500 companies increased to a historical high of $1.44 trillion and theprivate equity community continued to fundraise at a significant pace

Credit markets remained robust throughout 2015

− 2015 leverage multiples were near pre‐recession highs

− Leverage multiples began to compress in large cap deals toward the end of 2015, but this contraction didnot reach the middle market

Sources: Pitchbook, Factset

(1) Expressed as a multiple of EBITDASource: S&P LCD

Average Leverage Multiples in Middle Market Leveraged Buyouts1

S&P Cash Balances($ in billions)

U.S. Private Equity Dry Powder

Strategic buyers remain flush with cash, as cash balancesacross S&P 500 constituents have increased every year since2006

($ in billions)

2015 SnapshotMiddle market leverage multiples were strong throughout 2015

$750 $760 $790

$960

$1,080 $1,160

$1,210

$1,410 $1,430 $1,440

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

4.7x

5.6x

4.5x

3.3x

4.2x 4.3x 4.5x 4.8x

5.3x 5.3x

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

5.0x 5.0x

5.9x 5.6x

Q1 Q2 Q3 Q4

U.S. private equity firms hold a significantamount of dry powder and must put it to work

$426

$539$509 $501

$470 $474$499

$530 $533 $543

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

5

112

636

1,925

3,334

3,091

3,719 4,201 4,421

4,737 5,008

5,296 5,516

5,765 6,007

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Pre‐2000 2000 ‐ 2005 2006 ‐ 2010 2011 ‐ 2015

Private equity firms continue to own an historically high number of companies as a result of the record pace offundraising and elongated hold periods

− The median hold period for portfolio companies decreased meaningfully in 2015, but remains near historichighs

− The number of private equity‐backed companies has grown every year over the past decade and exceeded6,000 companies by year‐end 2015

The combination of firms aggressively seeking to deploy capital along with the pressure to exit their currentinvestments signals that private equity deal activity will likely remain strong

Source: Pitchbook

U.S. Private Equity Middle‐Market Company Inventory Continues to Increase

The Median Portfolio Company Hold Period Remains Near Historic Highs

Inventory of private equity‐backed companies continues to rise, which is aproxy of future M&A, as these companies must be sold over the next few years

The median portfolio company hold period dippedslightly in 2015, although it remains near historic highs

(In years)

The Fundamentals Remain in Place to Support Strong M&A Activity in the Near‐Term

Year acquired:

3.7 3.5 3.3 3.7

4.2 4.8

5.2 5.5

6.1

5.3

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Source: Pitchbook

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Table of Contents

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150 completed automotive aftermarket M&A deals were disclosed in 2015, up 21% from 124 deals in 2014,and surpassing the previous high of 136 deals in 2012

Middle market deals (where enterprise values are less than $1 billion), accounted for the vast majority ofaftermarket activity

Number of Aftermarket Transactions (by Buyer Type)

Note: Deals with no disclosed enterprise value were estimated by BB&T Capital MarketsSource: Capital IQ

Number of Aftermarket Transactions (by Transaction Size)

Private equity investors have become well‐attunedto the investment merits of the aftermarket, andcontinue to deploy capital with conviction

− Completed 19 platform acquisitions in 2015

− Made 49 add‐on acquisitions to existingplatform investments in 2015, up 17% from2014

− There were 149 private equity‐ownedaftermarket companies at the end of 2015

Strategic buyer activity in 2015 increased 26% over2014

Distributor acquisitions increased 77% in 2015, andthe level of collision M&A activity remained on‐parwith 2014 as that sector continues to consolidate

Aftermarket Transactions(by Target Type)

Total: 150

2015 Was a Banner Year for the Automotive Aftermarket and Suppliers Accounted for Nearly Half of All Acquisitions

Supplier69

Distributor30

Collision25

Retailer9

Independent Servicers

9

Other8

3544

20

43

114 114

79

119138

32

1

7

18 20

5

3

9

32

1

2

3 2

4

2

3

2007 2008 2009 2010 2011 2012 2013 2014 2015

$0 ‐ $250m $250m ‐ $1b > $1 billion

2333

12

35

93

116

72

104

131

1815

10

17

42

20

16

20

19

4148

22

52

135 136

88

124

150

2007 2008 2009 2010 2011 2012 2013 2014 2015

Strategic Buyers Financial Buyers

8

Notable Strategic Buyer Transactions($ in millions)

(1)

Note: TEV defined as Total Enterprise Value(1) Denotes transactions where BB&T Capital Markets served as financial advisorSources: Capital IQ, company press releases

Notable Strategic‐Led Deals Occurred in All Segments of the Aftermarket During 2015

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Notable Strategic Buyer Transactions (Cont’d)($ in millions)

(1)

Notable Strategic‐Led Deals Occurred in All Segments of the Aftermarket During 2015

Note: TEV defined as Total Enterprise Value(1) Denotes transactions where BB&T Capital Markets served as financial advisorSources: Capital IQ, company press releases

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Note: TEV defined as Total Enterprise Value(1) Denotes transactions where BB&T Capital Markets served as financial advisor(2) Denotes transactions where BB&T Capital Markets served as advisor to the Board of DirectorsSources: Capital IQ, company press releases

Notable Private Equity Transactions($ in millions)

Notable Private Equity‐Led Deals Occurred in All Segments of the Aftermarket During 2015

(1)

(1)

(2)

(2)

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Driven Brands

The Driven Brands family of automotive companiesserves as parent company for several businesses.The company has more than 1,500 centers acrossthe U.S. and Canada, which are 100% franchisee‐owned. Combined, all businesses generate nearly$2 billion in system sales. Driven Brands is ownedby Roark Capital Group and headquartered inCharlotte, NC.

Select businesses:

Transaction Overview

On June 8, 2015, Driven Brands, a Charlotte, NC‐based family of automotivecompanies, acquired 1‐800‐Radiator & A/C (“1‐800‐Radiator” or the “Company”), aBenicia, CA‐based franchisor of specialty parts distributors. Financial terms of thetransaction were not disclosed.

BB&T Capital Markets acted as exclusive financial advisor to 1‐800‐Radiator.

1‐800‐Radiator & A/C

Founded in 1982, 1‐800‐Radiator is a technology‐drivenfranchisor of specialty aftermarket parts distributors,through which it sells critical aftermarket parts to over166,000 active customers in the general automotiverepair and collision markets. The Company has morethan 200 franchisee‐owned locations across the U.S.and Canada. 1‐800‐Radiator is headquartered inBenicia, CA.

Select products:

What Was Attractive About 1‐800‐Radiator & A/C?

June 2015

has been acquired by

a portfolio company of

• Technology‐driven market leader

• Unique breadth of inventory with the same orbetter quality than OE equivalents

• Product category management by SKU enables theCompany to reduce return rates, solving a criticalissue for its installer and collision customers

• Same‐day service to areas representing over 90% ofthe population

• Highly scalable business model

• Profitable franchisees with strong unit economics

• Experienced management team that has beendirectly responsible for disrupting the radiatorsupply market in North America

Driven Brands Has Grown Through Acquisition

Radiators Condensers AC Compressors Fan Assemblies

AcquisitionsYear

2015

2014

2013

Private Equity‐Backed Strategic Acquirer Case Study: Driven Brands Acquires 1‐800‐Radiator & A/C

12

Holley Performance Products

Holley is a leading supplier of performanceaftermarket parts. Over the course of its history,Holley has supplied every major American OEMmanufacturer and today develops EFI systems forstreet and professional racers.

Select brands:

Transaction Overview

On September 22, 2015, Holley Performance Products (“Holley”), a supplier ofbranded performance parts and portfolio company of Lincolnshire Management(“Lincolnshire”), acquired MSD Group (“MSD” or the “Company”), a manufacturerand distributor of branded performance aftermarket parts, from Z CapitalManagement (“Z Capital”). Financial terms of the transaction were not disclosed.

BB&T Capital Markets acted as financial advisor to MSD and Z Capital.

MSD Group

MSD manufactures and distributes brandedperformance aftermarket parts in the U.S. and abroad.The Company boasts state‐of‐the‐art manufacturingfacilities in Texas, Ohio, California, and Utah and carriesa broad array of products across eight main categories.

Select brands:

Industry leading brands and complementary products

Recognized experts in ignition with established EFIproducts

Multi‐disciplined engineering team and stronginstitutional R&D capabilities

Manufacturing prowess in electronics and mechanicalcomponents

Fully developed distribution model and strong direct‐to‐customer (“DTC”) sales capabilities

Well‐positioned with 100% CARB / EPA compliance

Market leading customer and technical service teamsand fully integrated ERP system

Strong product development pipeline supportingmeaningful growth

Significant, attainable revenue and cost synergies

September 2015

has been acquired by

A portfolio company of

Expect a healthy level of M&A in the performance aftermarket as major participants continue to consolidate the highly‐fragmented sector

MSD Product Categories

Private Equity‐Backed Strategic Acquirer Case Study: Holley Acquires MSD Group

a portfolio company of

Data Acquisition / Racing

Distributors

Ignition Controls

Fuel Injection Systems

Ignition Coils

ECU Tuners

Spark Plug Wires

Starters and Alternators

What Was Attractive About MSD?

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Table of Contents

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Icahn Enterprises (NasdaqGS:IEP), a New York‐based conglomerate with investments across a broad range ofindustries, made headlines in December when it prevailed in a heated bidding war with Japanese tire companyBridgestone Corp. to acquire Pep Boys – Manny, Moe & Jack during the fourth quarter of 2015

− The deal, which closed on February 2, 2016, is valued at approximately $1.3 billion

The transaction comes on the heels of Icahn’s $340 million acquisition of Uni‐Select USA, Inc. and Beck / ArnleyWorldparts, Inc. (now collectively IEH Auto Parts, also known as “Auto Plus”), which closed on June 1, 2015

− Auto Plus subsequently acquired five distributors / installers across the U.S. during the fourth quarter of2015

The firm also owns 82% of Federal‐Mogul (NasdaqGS:FDML), a leading supplier of OE and aftermarket parts

− Icahn then made a bid to acquire the remaining 18% of Federal‐Mogul in February 2016

Icahn Enterprises’ aftermarket holdings now span the entire supply chain, from parts manufacturing throughdistribution and retail, to professional installation and service

Icahn Took Over Aftermarket M&A Headlines in 2015

Overview of Icahn Enterprises’ Aftermarket Investments

Suppliers Distributors Installers

Parts Distribution and Retail

Service

Sources: Capital IQ, company information

3/08 6/15 10/15 12/15 2/16

Acquired 82%

CENTRAL CITYAUTO PARTS

15

The Collision Sector Continues Along Its Crash Course to Further Consolidation

The Four Largest Collision Operators More Than Tripled Their Stores in Four Years

The four largest collision operators (ABRA Auto Body & Glass, The Boyd Group, Caliber Collision, and Service King) have more than tripled their store count in just the past four years

− They currently control nearly 15% of the collision market

The major drivers of consolidation are:

− Scale economics

Increases purchasing power and allows overhead to spread over more units

Enables a better product and / or service offering

− Industry forces

Ever increasing investment required to meet the carriers’ demands for better, faster, and more comprehensive repair programs

Role of carriers in the industry amplifies the power of scale economies due to their role in dictating volume and their ability to accurately measure product quality

Increasingly complex repairs require more training and more equipment management

− Aggressive sources of capital

Significant dry powder, favorable credit markets, and pressing private equity fund dynamics have enabled and accelerated the rate of consolidation

We believe these forces will continue to drive significant consolidation in the future

− However, with the number of multi‐shop operators with more than 20 locations dwindling, the four largest operators will be ever more reliant on tuck‐ins and organic growth

2011 2015

`

`

Caliber Collision The Boyd Group ABRA Auto Body & Glass Service King

Sources: Capital IQ, company information

No. Locations x

Company 2011 2015 Growth

83 353 325%

173 342 98%

113 332 194%

48 276 475%

Total 417 1,303 212%

16

Deconstructing the Performance Aftermarket

The performance aftermarket is a $3.2 billion segment of the Specialty Equipment Market Association (“SEMA”)

Despite increasing M&A activity in recent years, the sector remains highly fragmented, which creates significantopportunities for both incumbents and new entrants to acquire quality assets and build platforms of scale froman operational as well as a financial perspective

− Private equity groups are increasingly aware of the opportunities for professional managers to unlock value inwhat are often closely‐held small businesses

Expect a persistent level of M&A as incumbents consolidate to offer more to their customers and outperformcompetitors and as institutional investors continue to make platform investments and seize consolidationopportunities

M&A Remains at the Forefront of the Performance Aftermarket; Stay “Tuned” for More

Select Strategic Performance Aftermarket Transactions

Q1 2015 Q2 2015 Q3 2015 Q4 2015

Target Acquirer Target Acquirer Target Acquirer Target Acquirer

Sources: Capital IQ, company information, SEMA, BB&T Capital Markets

Appearance Accessories

$14

Wheels, Tires, and Suspension

$13

Performance Products

$9

OE Replacement Aftermarket

$170

Collision Repair$40

Specialty Equipment

$36

Light VehicleAftermarket

Specialty EquipmentAftermarket

Performance ProductsAftermarket

($ in billions, at retail) ($ in billions, at retail) ($ in millions, at wholesale)

Performance / Maintenance Chemicals

$908

ECU & Engine Products$677

Electrical Products$376

Exhaust Products$345

Ignition Products$239

Driveline Products$203

Other Performance Products$567

17

Automotive telematics, the concept of interconnected vehicle systems that monitor and store a variety ofinformation, has come to the forefront of the automotive industry in recent years

− Advancements in telematics have a number of practical applications for end‐users including navigation,mobile device connectivity, and emergency warning systems

− Telematics assists commercial users such as fleet operators and independent service providers bytransmitting vehicle diagnostics, fleet tracking, and controlling emissions and fuel

Nearly 90% of new cars across the globe will include integrated telematics by 2025 and the market for suchtechnology is expected to grow at a compound annual growth rate (“CAGR”) of 22.7% from 2012 through 2016

Simply put, consumers are not equipped to navigate the increasing complexity of automobiles alone, which inturn will have a positive long‐term impact on the DIFM channel, in which dealers and non‐chain independentsare expected to experience the most revenue growth among DIFM outlets

Expect M&A to play an important role as companies look to expand their capabilities and product offerings inthis growing and developing sector

Types of Telematics Systems

Telematics Is in Its Early Innings, But Will Drive Aftermarket Growth in the Years to Come

Infotainment & Telematics• Hands‐free telephony• Navigation• DAB & IBOC receivers• DVD playback, radios• Storage devices

Vehicle Bus Communication• Multimedia bus interface• CAN, J1850, LIN, GMLAN, UART, FINOS

Power Train & Engine Management• Diagnostic tests and interfaces• Software & hardware development

Adaptive Lighting Control

Body Electronics• Power windows• Mirror controls• Gateway modules• Remote keyless entry

Instrument Clusters• Hardware architecture• HMI components• Reusable components• Dot‐matrix, TFT display

HEV / EV• Vehicle energy management

Under‐Car Systems• Pressure monitoring• Suspension monitoring

Integrated

Tethered

Embedded

Source: Infiniti Research Ltd.

Built within the vehicle to provide connectivity, intelligence, security, and reliability

Use a phone as a modem to provide connectivity via Bluetooth or Wi‐Fi services

Primarily used for navigation

Integrate drivers’ mobile devices into vehicle information systems

Source: Census Bureau, Strategy & Analysis

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Table of Contents

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The favorable industry drivers supporting M&A for the last three years continue to look positive

− The BB&T Aftermarket Index1 gained 4.7% versus the S&P 500’s (0.7)% in 2015

Retailers & Distributors, Collision, and Suppliers each outgained the S&P, while Independent Service Providers & Dealers lagged

Sales growth is expected to drive sector performance in 2016

− Favorable tailwinds support continued aftermarket growth from a macro perspective

Light vehicle fleet is projected to grow to 257 million light vehicles by 2016

Average age of vehicles on the road at a record high of 11.5 years and is expected to creep upward

New light vehicle sales are expected to approach 18 million in 2016

Miles traveled continues to climb, supported by depressed gas prices

We expect deal activity in 2016 to remain on par with 2015

– Strategic and private equity buyers maintain near‐record levels of cash and continue to face mounting pressure over time to deploy it in acquisitions or return it to shareholders or limited partners

– Macroeconomic conditions improved throughout 2015 and are showing cautiously optimistic signs of stabilization after several months of turmoil to close 2015

– Aftermarket companies have recognized the consolidation opportunities that abound and are pursuing them

– Barring significant economic turmoil, we expect that interest rates will continue to rise in 2016, which will present a challenge to strategic buyers in reducing corporate cash flows and in access to cheap capital for private equity buyers

We noted in last year’s report that rates could not remain low forever and would begin to rise in 2015

Expect a Steady Level of M&A in 2016

All Segments of the Aftermarket Are Projected to Grow

(1) BB&T’s Aftermarket Index included the below companies in 2015; several are excluded in 2016 and 2017 projections due to acquisition:Suppliers: CTB, DORM, FDML, GT, MPAA, REMY, SNA, SMP, TEN; Retailers & Distributors: AAP, AZO, GPC, ORLY, PBY, PRTS, UNS; Independent Service Providers & Dealers: ABG, AN, KMX, GPI, LAD, MNRO, PAG, PBY, SAH; Collision: BYD.UN, CPRT, KAR, LKQ, SLHSource: Capital IQ

(5.0%)

3.5%

11.9%

7.5%

0.7%

3.8% 5.4%

11.6%

3.2% 4.2% 4.6%

7.7%

(6.0%)

(3.0%)

–

3.0%

6.0%

9.0%

12.0%

15.0%

Suppliers Retailers &Distributors

IndependentService

Providers &Dealers

Collision Suppliers Retailers &Distributors

IndependentService

Providers &Dealers

Collision Suppliers Retailers &Distributors

IndependentService

Providers &Dealers

Collision

2015 2016 2017

20

Source: Infiniti Research Ltd.

Favorable Industry Growth Drivers Will Continue to Support Deal Volume in 2016

Sources: IHS Automotive, BB&T Capital Markets Research

Light Vehicle Fleet Is Increasing

Average Light Vehicle Age Has Plateaued

(In millions)

(In years)

The number of light vehicles on the road continued to modestly grow in2015, a trend that is expected to continue in the near‐term, creatingadditional demand for automotive aftermarket products and services

The average age of the light vehicle fleet has plateaued as new car sales grewpost‐recession; however, the continued increase in average age underscoresthe persistent need for consumers to maintain older vehicles, creatingtailwinds for sustained industry growth

250 250 249 249 253

255 257 259

262

200

210

220

230

240

250

260

270

2010 2011 2012 2013 2014 2015 2016E 2017P 2018P

9.9 10.0 10.1 10.2 10.3 10.4 10.5

10.8

11.111.3 11.4 11.4 11.5 11.5

8.0

8.5

9.0

9.5

10.0

10.5

11.0

11.5

12.0

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016E

21

Sources: CCC Information Services, IHS Automotive

New Light Vehicle Sales Continued to Increase in 2015(In millions)

Miles Traveled Increased Every Month in 2015

Sources: FHWA, U.S. Energy Information Administration

Lower oil prices, which benefited consumers at the pump, have had apositive effect on consumers’ disposable income and miles travelled in2015

Moderate wage growth, depressed gasoline prices, increased discretionaryspending, and continued low interest rates on auto loans will drive new carand light truck sales higher in 2016

Favorable Industry Growth Drivers Will Continue to Support Deal Volume in 2016

4.6%

6.0%

4.0%

5.0% 5.1%

4.1%

5.1%

6.4%

3.5%

5.4%

3.5%

5.0% 5.1%

$0.00

$1.00

$2.00

$3.00

$4.00

$5.00

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

Dec‐14 Feb‐15 Apr‐15 Jun‐15 Aug‐15 Oct‐15 Dec‐15

Average

Gaso

line Price P

er Gallo

nVeh

icle M

iles Traveled

(Year‐Over‐Year Change)

Vehicle Miles Traveled Gasoline Prices

16.2

13.3

10.4 11.6

12.8

15.2 15.3

16.8 17.2 17.7

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016E

22






Table of Contents

23

Operating Metrics

On December 29, 2015, Icahn Enterprises announced that it would acquire Pep Boys for $18.50 per shareOn September 13, 2015, Vista Equity Partners announced that it would acquire Solera Holdings for $55.85 per share(1) Affina Group, ATD, and UCI International have publicly traded debt only and thus are included in operating metrics, but not valuation metrics(2) Same store sales for Genuine Parts reflects its automotive segment only(3) Same store sales reflects Pep Boys’ merchandise business only(4) Same store sales reflects Pep Boys’ service business only(5) Reported results are converted at the exchange rate as of the above dateDefinitions: LTM – Last Twelve Months; EBITDA – Earnings Before Interest, Taxes, Depreciation, and Amortization; EBIT – Earnings Before Interest and Taxes; NI – Net Income; SSS – Same Store Sales, where applicableSources: Capital IQ, company filings

Net Margins Sales Growth EBITDA Growth SSS

Ticker LTM Date Revenue EBITDA EBIT Income Gross EBITDA EBIT NI 1 Year 5 Year 1 Year 5 Year Latest Q

Suppliers

Affinia Group Intermediate Holdings Inc. (1) N/A 09/30/15 $1,337 $145 $125 ($3) 23.4% 10.8% 9.3% (0.2%) 23.9% (7.2%) 5.1% (3.9%)

Axalta Coating Systems Ltd. AXTA 09/30/15 4,191 847 542 53 36.0% 20.2% 12.9% 1.3% (5.0%) NA 6.5% NA

Cooper Ti re & Rubber Co. CTB 09/30/15 3,017 510 385 236 21.4% 16.9% 12.8% 7.8% (13.0%) (1.3%) (3.3%) 8.1%

Dorman Products , Inc. DORM 09/26/15 772 156 140 89 38.5% 20.2% 18.2% 11.6% 3.3% 12.4% 0.2% 15.3%

Federal ‐Mogul Holdings Corporation FDML 09/30/15 7,416 578 241 (237) 13.9% 7.8% 3.2% (3.2%) 2.8% 4.2% (4.3%) (0.5%)

The Goodyear Tire & Rubber Company GT 09/30/15 16,736 2,382 1,683 2,816 25.5% 14.2% 10.1% 16.8% (9.9%) (1.7%) 1.6% 10.3%

Horizon Global Corporation HZN 09/30/15 582 35 18 7 23.8% 6.0% 3.0% 1.2% NA NA NA NA

Motorcar Parts of America, Inc. MPAA 09/30/15 345 32 29 7 27.0% 9.2% 8.5% 1.9% 25.1% 17.8% (16.2%) 2.4%

Snap‐on Incorporated SNA 10/03/15 3,595 814 746 464 50.5% 22.6% 20.7% 12.9% 5.1% 6.8% 12.7% 16.4%

Standard Motor Products Inc. SMP 09/30/15 985 115 98 52 29.0% 11.7% 10.0% 5.3% 0.4% 4.3% (14.2%) 15.1%

Tenneco Inc. TEN 09/30/15 8,182 732 545 200 16.9% 8.9% 6.7% 2.4% (3.1%) 7.6% (3.7%) 8.0%

UCI Holdings Limited (1) N/A 09/30/15 1,003 84 35 (43) 11.7% 8.3% 3.5% (4.3%) 18.8% 1.6% (12.4%) 13.7%

Mean $4,013 $536 $382 $303 26.5% 13.1% 9.9% 4.5% 4.4% 4.5% (2.5%) 8.5% NA

Median $2,177 $333 $191 $52 24.7% 11.3% 9.7% 2.2% 2.8% 4.2% (3.3%) 9.2% NA

Retailers & Distributors

Advance Auto Parts Inc. AAP 10/10/15 $9,941 $1,294 $1,021 $503 45.4% 13.0% 10.3% 5.1% 10.3% 11.4% 16.1% 12.3% 0.5%

American Tire Distributors Holdings , Inc. (1) N/A 01/03/15 5,031 242 89 (95) 17.6% 4.8% 1.8% (1.9%) 31.1% 18.3% 29.4% 19.4%

AutoZone, Inc. AZO 11/21/15 10,313 2,258 1,982 1,180 52.4% 21.9% 19.2% 11.4% 7.0% 6.4% 6.9% 7.7% 3.5%

Genuine Parts Company (2) GPC 09/30/15 15,421 1,277 1,131 710 29.9% 8.3% 7.3% 4.6% 2.6% 7.2% (1.6%) 8.4% 4.0%

KAR Auction Servi ces , Inc. KAR 09/30/15 2,563 637 429 217 43.8% 24.8% 16.7% 8.4% 11.5% NA 26.1% NA

O'Rei l ly Automotive Inc. ORLY 09/30/15 7,782 1,686 1,473 894 52.0% 21.7% 18.9% 11.5% 10.0% 8.1% 18.9% 14.6% 7.9%

Pep Boys ‐ Manny, Moe & Jack (3) PBY 10/31/15 2,079 81 12 (9) 23.3% 3.9% 0.6% (0.4%) 0.1% 1.1% (5.9%) (10.7%) (1.8%)

U.S. Auto Parts Network, Inc. PRTS 10/03/15 294 5 (3) (3) 28.3% 1.8% (1.0%) (1.1%) 7.8% 5.3% (12.5%) (13.6%)

Uni ‐Select Inc. (5) UNS 09/30/15 1,523 88 80 (43) NM 5.8% 5.2% (2.8%) (14.5%) 3.5% (0.1%) 4.4% 1.1%

Mean $6,105 $841 $690 $373 36.6% 11.8% 8.8% 3.9% 7.3% 7.7% 8.6% 5.3% 2.5%

Median $5,031 $637 $429 $217 36.8% 8.3% 7.3% 4.6% 7.8% 6.8% 6.9% 8.0% 2.3%

Independent Service Providers & Dealers

Asbury Automotive Group, Inc. ABG 09/30/15 $6,451 $329 $300 $140 16.2% 5.1% 4.6% 2.2% 12.4% 12.8% 13.6% 19.5%

AutoNation, Inc. AN 09/30/15 20,570 1,009 888 462 15.7% 4.9% 4.3% 2.2% 10.7% 11.4% 17.1% 14.1%

CarMax Inc. KMX 11/30/15 14,958 1,178 1,047 626 16.0% 7.9% 7.0% 4.2% 8.1% 11.8% 15.4% 12.5%

Group 1 Automotive Inc. GPI 09/30/15 10,499 409 363 146 14.5% 3.9% 3.5% 1.4% 8.5% 15.0% 15.3% 18.8%

Li thia Motors Inc. LAD 09/30/15 7,664 349 309 176 14.9% 4.6% 4.0% 2.3% 65.8% 31.1% 42.2% 36.8%

Monro Muffler Brake Inc. MNRO 09/26/15 931 159 120 66 40.2% 17.0% 12.9% 7.1% 8.5% 8.5% 13.2% 10.8% 2.1%

Penske Automotive Group, Inc. PAG 09/30/15 18,734 639 562 328 15.0% 3.4% 3.0% 1.7% 13.5% 13.1% 15.1% 16.6%

Pep Boys ‐ Manny, Moe & Jack (4) PBY 10/31/15 2,079 81 12 (9) 23.3% 3.9% 0.6% (0.4%) 0.1% 1.1% (5.9%) (10.7%) (1.8%)

Rush Enterprises , Inc. RUSH.B 09/30/15 5,163 285 149 81 15.6% 5.5% 2.9% 1.6% 19.9% 31.3% 14.1% 30.8%

Sonic Automotive Inc. SAH 09/30/15 9,505 300 233 81 14.7% 3.2% 2.5% 0.9% 3.8% 7.5% 0.1% 7.8%

Mean $9,656 $474 $398 $210 18.6% 5.9% 4.5% 2.3% 15.1% 14.4% 14.0% 15.7% 0.2%

Median $8,585 $339 $305 $143 15.7% 4.7% 3.7% 2.0% 9.6% 12.3% 14.6% 15.4% 0.2%

Collision

Boyd Group Income Fund (5) BYD.UN 09/30/15 $822 $69 $51 ($22) 45.8% 8.3% 6.1% (2.7%) 43.8% 36.9% 44.3% 41.4% 5.8%

Copart, Inc. CPRT 10/31/15 1,145 390 349 220 44.3% 34.1% 30.5% 19.2% (2.5%) 7.4% 3.1% 6.4% 5.6%

KAR Auction Servi ces , Inc. KAR 09/30/15 2,563 637 429 217 43.8% 24.8% 16.7% 8.4% 11.5% NA 26.1% NA

LKQ Corp. LKQ 09/30/15 7,128 843 714 409 39.3% 11.8% 10.0% 5.7% 11.9% 24.8% 10.2% 20.9% 6.8%

Solera Holdings Inc. SLH 09/30/15 1,174 421 252 (180) 64.8% 35.9% 21.5% (15.3%) 11.9% 12.9% 6.0% 9.3%

Mean $2,566 $472 $359 $128 47.6% 23.0% 17.0% 3.1% 15.3% 20.5% 17.9% 19.5% 6.1%

Median $1,174 $421 $349 $217 44.3% 24.8% 16.7% 5.7% 11.9% 18.9% 10.2% 15.1% 5.8%

Last Twelve Months($ in millions)

24

As of December 31, 2015($ in millions, except per share)

Valuation Metrics

Stock 52 Week Market Price / P/E Forward PEG TEV / Revenue TEV / EBITDA

Ticker Price High / Low Cap TEV TBV LTM CY 2016 CY 2017 CY 2016 CY 2017 LTM CY 2016 CY 2017 LTM CY 2016 CY 2017

Suppliers

Axalta Coating Systems Ltd. AXTA $26.65 $36.50 / $23.94 $6,339 $9,835 NM 48.1x 20.0x 16.6x 1.4x 1.1x 2.2x 2.2x 2.1x 11.1x 10.1x 9.4x

Cooper Ti re & Rubber Co. CTB $37.85 $43.94 / $31.18 2,121 1,869 2.6x 9.5x 10.5x 10.8x 3.5x 3.6x 0.6x 0.6x 0.6x 3.8x 4.3x 4.4x

Dorman Products , Inc. DORM $47.47 $53.75 / $43.65 1,685 1,777 3.3x 18.8x 16.4x 14.9x 1.2x 1.1x 2.0x 1.9x 1.7x 10.0x 9.1x 8.4x

Federal ‐Mogul Holdings Corporation FDML $6.85 $15.87 / $6.01 1,158 4,491 NM 12.3x 8.4x 7.5x NA NA 0.5x 0.5x 0.5x 6.4x 6.0x 5.7x

The Goodyear Tire & Rubber Company GT $32.67 $35.30 / $23.74 8,785 13,110 2.4x 12.4x 8.3x 7.8x NA NA 0.8x 0.8x 0.8x 5.6x 5.0x 4.9x

Horizon Global Corporation HZN $10.37 $15.88 / $8.04 188 378 NM 32.7x 9.6x 7.4x 1.0x 0.7x 0.6x 0.6x 0.6x 10.2x 6.0x 5.5x

Motorcar Parts of America, Inc. MPAA $33.81 $41.03 / $22.12 619 706 3.2x NM 13.8x 12.4x 0.7x 0.6x 1.8x 1.5x 1.4x NM 6.7x NA

Snap‐on Incorporated SNA $171.43 $174.52 / $129.14 9,951 9,879 7.1x 23.6x 18.6x 16.5x 1.2x 1.0x 3.0x 3.0x 2.8x 13.0x 11.6x 10.1x

Standard Motor Products Inc. SMP $38.05 $45.72 / $30.30 862 787 2.8x 17.0x 13.5x 12.3x 0.9x 0.8x 0.9x 0.8x 0.8x 7.6x 7.3x 6.8x

Tenneco Inc. TEN $45.91 $61.73 / $39.13 2,654 3,881 7.2x 12.0x 8.7x 7.7x 0.7x 0.6x 0.5x 0.4x 0.4x 5.2x 4.5x 4.2x

Mean $3,436 $4,671 4.1x 20.7x 12.8x 11.4x 1.3x 1.2x 1.3x 1.2x 1.2x 8.1x 7.1x 6.6x

Median $1,903 $2,875 3.2x 17.0x 12.0x 11.6x 1.1x 0.9x 0.8x 0.8x 0.8x 7.6x 6.4x 5.7x


Advance Auto Parts Inc. AAP $150.51 $201.24 / $142.63 $11,023 $12,953 15.4x 18.8x 16.3x 14.5x 1.2x 1.1x 1.2x 1.2x 1.2x 9.5x 8.7x 8.1x

AutoZone, Inc. AZO $741.91 $803.25 / $566.08 22,412 28,680 NM 20.5x 17.7x 15.8x 1.3x 1.2x 2.6x 2.5x 2.3x 11.9x 11.2x 10.5x

Genuine Parts Company GPC $85.89 $104.23 / $78.76 12,949 15,059 6.9x 18.3x 17.1x 16.0x 3.5x 3.2x 0.9x 0.8x 0.8x 10.3x 9.9x 9.6x

KAR Auction Services , Inc. KAR $37.03 $39.87 / $33.25 5,093 7,967 NM 24.4x 18.5x 16.3x 1.4x 1.2x 3.1x 2.8x 2.6x 12.4x 11.1x 10.2x

O'Rei l ly Automotive Inc. ORLY $253.42 $277.96 / $179.00 24,997 28,097 19.6x 28.6x 23.9x 21.1x 1.5x 1.3x 3.3x 3.0x 2.8x 15.2x 13.5x 12.5x

Pep Boys ‐ Manny, Moe & Jack PBY $39.75 $19.03 / $8.00 219 228 1.9x NM 46.7x NM 1.9x NM 0.6x 0.6x 0.6x 15.5x 11.9x 12.1x

U.S. Auto Parts Network, Inc. PRTS $2.95 $3.34 / $1.50 101 106 5.8x NM NM NA NM NA 0.4x 0.4x NA 23.1x 11.0x NA

Uni ‐Select Inc. (1) UNS $49.38 $51.17 / $21.42 1,058 874 4.8x 23.0x 18.9x 17.9x 9.4x 8.9x 0.7x 1.0x 1.0x 13.4x 11.4x 10.8x




Asbury Automotive Group, Inc. ABG $67.44 $96.58 / $64.29 $1,712 $3,227 9.0x 11.9x 10.3x 9.3x 0.6x 0.6x 0.5x 0.5x 0.4x 9.9x 9.2x 8.5x

AutoNation, Inc. AN $59.66 $67.50 / $53.73 6,600 11,164 12.3x 14.0x 11.9x 10.7x 0.8x 0.7x 0.6x 0.5x 0.5x 11.5x 10.0x 9.3x

CarMax Inc. KMX $53.97 $75.40 / $50.57 10,662 20,053 3.5x 17.2x 15.9x 14.2x 1.1x 1.0x 1.4x 1.3x 1.2x 17.7x 16.6x 15.1x

Group 1 Automotive Inc. GPI $75.70 $97.34 / $71.55 1,794 4,142 NM 10.0x 9.1x 8.4x 0.7x 0.6x 0.4x 0.4x 0.4x 10.6x 10.0x 9.1x

Li thia Motors Inc. LAD $106.67 $126.56 / $79.84 2,801 4,390 6.2x 15.5x 12.9x 11.8x 0.6x 0.5x 0.6x 0.5x 0.5x 12.9x 10.7x 9.7x

Monro Muffler Brake Inc. MNRO $66.22 $77.00 / $55.34 2,118 2,493 30.3x 31.9x 26.3x 24.1x 1.9x 1.7x 2.6x 2.3x 2.2x 15.0x 12.5x 11.1x

Penske Automotive Group, Inc. PAG $42.34 $54.39 / $39.00 3,814 7,934 41.3x 11.7x 9.5x 8.7x 0.9x 0.8x 0.4x 0.4x 0.4x 11.6x 11.3x 10.4x

Pep Boys ‐ Manny, Moe & Jack PBY $39.75 $19.03 / $8.00 219 228 1.9x NM 46.7x NM 1.9x NM 0.6x 0.6x 0.6x 15.5x 11.9x 12.1x

Rush Enterpri ses , Inc. RUSH.B $21.90 $27.02 / $14.20 884 2,225 2.4x 18.1x NA NA NA NA 0.5x 0.5x 0.5x 8.4x 16.4x 12.8x

Sonic Automotive Inc. SAH $22.76 $27.30 / $19.75 1,134 3,189 7.9x 11.1x 9.9x 9.1x 0.9x 0.8x 0.3x 0.3x 0.3x 10.7x 10.2x 9.6x



Collision

Boyd Group Income Fund (1) BYD.UN $47.64 $50.30 / $31.52 $811 $1,030 NM 29.1x 22.4x 18.8x 1.0x 0.9x 1.0x 0.9x 0.8x 12.9x 10.2x 9.0x

Copart, Inc. CPRT $38.01 $39.86 / $32.60 4,570 5,073 6.2x 23.7x 18.6x NA 1.4x NA 4.1x 3.8x NA 12.0x 10.7x NA

KAR Auction Services , Inc. KAR $37.03 $39.87 / $33.25 5,093 7,967 NM 24.4x 18.5x 16.3x 1.4x 1.2x 3.1x 2.8x 2.6x 12.4x 11.1x 10.2x

LKQ Corp. LKQ $29.63 $32.25 / $22.90 9,052 10,743 18.6x 21.7x 17.9x 15.6x 1.0x 0.9x 1.4x 1.3x 1.2x 12.2x 10.7x 9.3x

Solera Holdings Inc. SLH $30.67 $56.73 / $30.67 898 1,822 NM NM 18.0x 16.3x 2.2x 2.0x 5.5x 4.9x 4.7x 15.3x 12.7x 11.8x



On December 29, 2015, Icahn Enterprises announced that it would acquire Pep Boys for $18.50 per shareOn September 13, 2015, Vista Equity Partners announced that it would acquire Solera Holdings for $55.85 per share(1) Stock prices, market capitalizations, and enterprise values are converted at the exchange rate as of the above dateDefinitions: TEV – Total Enterprise Value; TBV – Tangible Book Value; P / E – Share Price / Earning Per Share; LTM – Last Twelve Months; PEG –(Calendarized P / E) / Long‐Term Growth; EBITDA – Earnings Before Interest, Taxes, Depreciation, and AmortizationSources: Capital IQ, company filings

25

Performance MetricsAs of December 31, 2015

Days Outstanding Cash Total Debt / Debt / Interest Current Quick S&P Debt

Ticker A / R Inventory A / P Conversion Debt Capital EBITDA Coverage Ratio Ratio Rating Outlook

Suppliers

Affinia Group Intermediate Holdings Inc. (1) N/A 35.4 70.6 45.2 60.7 $824 151.2% 5.7x 2.4x 1.2x 0.5x B Stable

Axa l ta Coating Systems Ltd. AXTA 61.5 76.3 64.4 73.4 3,560 76.3% 4.2x 3.6x 2.3x 1.3x NA NA

Cooper Tire & Rubber Co. CTB 58.2 82.1 48.0 92.4 316 24.6% 0.6x 13.6x 2.9x 1.8x BB‐ Pos i tive

Dorman Products , Inc. DORM 91.6 143.8 41.9 193.4 0 NA NA NA 5.8x 3.2x NA NA

Federal ‐Mogul Holdings Corporation FDML 73.3 74.6 53.4 94.5 3,019 75.5% 5.2x 0.9x 1.7x 0.9x B‐ Negative

The Goodyear Tire & Rubber Company GT 60.7 80.1 81.6 59.2 6,000 54.8% 2.5x 3.4x 1.7x 0.9x BB Stable

Horizon Globa l Corporation HZN NA NA NA NA 204 98.3% 5.8x 5.6x 1.8x 0.8x B Stable

Motorcar Parts of America, Inc. MPAA 1.2 87.8 87.8 1.2 40 16.9% 1.2x 1.5x 1.0x 0.2x NA NA

Snap‐on Incorporated SNA 64.1 109.8 36.4 137.5 938 28.3% 1.2x 14.0x 2.5x 1.5x A‐ Stable

Standard Motor Products Inc. SMP 54.8 142.5 39.5 157.8 25 5.9% 0.2x NM 1.9x 0.7x NA NA

Tenneco Inc. TEN 55.8 39.6 74.9 20.5 1,341 72.1% 1.8x 5.4x 1.4x 0.8x BB+ Stable

UCI Holdings Limited (1) N/A 64.8 85.2 53.7 96.3 477 74.5% 5.7x 1.1x 1.9x 0.8x CCC+ Stable

Mean 56.5 90.2 57.0 89.7 $1,395 61.7% 3.1x 5.1x 2.2x 1.1x

Median 60.7 82.1 53.4 92.4 $651 72.1% 2.5x 3.5x 1.8x 0.9x


Advance Auto Parts Inc. AAP 15.5 276.5 206.9 85.1 $1,294 34.9% 1.0x 15.5x 1.3x 0.2x BBB‐ Stable

American Tire Dis tributors Holdings , Inc. (1) N/A 25.0 82.7 54.9 52.9 1,824 74.5% 7.5x 1.3x 1.8x 0.5x NA NA

AutoZone, Inc. AZO 7.8 251.9 268.1 NM 4,754 159.7% 2.1x 11.9x 0.8x 0.1x BBB Stable

Genuine Parts Company GPC 46.6 101.0 91.5 56.0 625 16.5% 0.5x NM 1.5x 0.6x NA NA

KAR Auction Services , Inc. KAR 271.3 NA 146.9 NA 2,991 68.5% 4.7x 5.8x 1.1x 1.0x BB‐ Stable

O'Rei l ly Automotive Inc. ORLY 7.4 250.4 240.3 17.5 1,397 41.1% 0.8x NM 1.0x 0.2x BBB+ Stable

Pep Boys ‐ Manny, Moe & Jack PBY 5.5 148.1 51.0 102.6 323 37.1% 4.0x 2.7x 1.3x 0.2x B NM

U.S. Auto Parts Network, Inc. PRTS 4.7 80.0 40.6 44.1 19 46.4% 3.6x NM 1.3x 0.2x NA NA

Uni ‐Select Inc. UNS 45.5 128.7 86.3 87.9 145 25.2% 1.7x 8.4x 1.5x 0.7x NA NA

Mean 47.7 164.9 131.9 63.7 $1,486 56.0% 2.9x 7.6x 1.3x 0.4x

Median 15.5 138.4 91.5 56.0 $1,294 41.1% 2.1x 7.1x 1.3x 0.2x


Asbury Automotive Group, Inc. ABG 5.6 56.5 15.8 46.3 $1,608 83.6% 4.9x 4.7x 1.1x 0.2x BB+ Stable

AutoNation, Inc. AN 5.5 62.3 5.4 62.4 5,409 70.5% 5.4x 5.4x 1.0x 0.2x BBB‐ Stable

CarMax Inc. KMX 2.2 58.0 12.2 47.9 10,606 78.5% 9.0x NM 2.9x 0.1x NA NA

Group 1 Automotive Inc. GPI 4.1 63.5 11.7 55.9 2,657 73.3% 6.5x 3.5x 1.0x 0.2x BB+ Stable

Li thia Motors Inc. LAD 11.5 65.2 3.6 73.1 1,846 70.1% 5.3x 6.6x 1.2x 0.2x NA NA

Monro Muffler Brake Inc. MNRO 1.5 90.6 42.5 49.6 316 38.3% 2.0x 9.1x 1.2x 0.0x NA NA

Penske Automotive Group, Inc. PAG 14.2 64.9 9.5 69.6 4,354 70.5% 6.8x 4.1x 1.0x 0.2x BB Stable

Pep Boys ‐ Manny, Moe & Jack PBY 5.5 148.1 51.0 102.6 323 37.1% 4.0x 2.7x 1.3x 0.2x B NM

Rush Enterprises , Inc. RUSH.B 13.0 85.6 11.2 87.5 1,582 65.5% 5.3x NM 1.1x 0.2x NA NA

Sonic Automotive Inc. SAH 11.3 59.1 4.7 65.7 2,127 75.4% 7.1x 1.0x 1.1x 0.2x BB Stable

Mean 7.4 75.4 16.8 66.1 $3,083 66.3% 5.6x 4.6x 1.2x 0.1x

Median 5.6 64.2 11.4 64.0 $1,986 70.5% 5.3x 4.4x 1.2x 0.2x

Collision

Boyd Group Income Fund BYD.UN 20.6 9.4 64.1 NM $112 0.5x 1.6x 6.7x 1.0x 0.8x NA NA

Copart, Inc. CPRT 69.6 4.8 86.0 NM 627 0.4x 1.6x 14.3x 3.5x 3.2x NA NA

KAR Auction Services , Inc. KAR 271.3 NA 146.9 NA 2,991 0.7x 4.7x 5.8x 1.1x 1.0x BB‐ Stable

LKQ Corp. LKQ 31.7 118.3 33.6 116.4 1,610 0.3x 1.9x 11.6x 3.0x 1.0x BB+ NM

Solera Holdings Inc. SLH 49.0 NA 41.9 NA 3,126 1.0x 7.4x 2.6x 2.0x 1.9x BB‐ NM

Mean 88.4 44.2 74.5 116.4 $1,693 57.5% 3.5x 8.2x 2.1x 1.6x

Median 49.0 9.4 64.1 116.4 $1,610 45.8% 1.9x 6.7x 2.0x 1.0x

On December 29, 2015, Icahn Enterprises announced that it would acquire Pep Boys for $18.50 per shareOn September 13, 2015, Vista Equity Partners announced that it would acquire Solera Holdings for $55.85 per share(1) Affina Group, ATD, and UCI International have publicly traded debt only and thus are included in balance sheet metrics, but not valuation metricsSources: Capital IQ, company filings

26

Select 2015 Aftermarket Transactions

Note: TEV defined as Total Enterprise Value ($ in millions)Sources: Capital IQ, company filings

Close

Date Target Target Description Buyer TEV

12/28/2015 Delfin Group USA LLCLubricant blender and packager based in North

Charleston, South Carolina.Amalie Oil Co. –

12/28/2015CARPROOF Corporation

(Hellman & Friedman)

Provider of used vehicle history data and reports based

in London, Canada.

IHS Inc.

(NYSE:IHS) $468

12/21/2015Big Tex Trailer Manufacturing, Inc.

(H.I.G. Capital Partners)Manufacturer of trailers based in Mt. Pleasant, Texas. Bain Capital, LLC –

12/16/2015Colwood‐Langford Auto Supply Ltd.

and B.H. McFarlane Automotive Inc.

Wholesalers of automotive parts and paint products

based in Victoria, Canada and New Hamburg, Canada,

respectively.

Uni‐Select Inc.

(TSX:UNS) –

12/14/2015 Aquia Auto Parts, Inc.Aftermarket distributor of paints, coatings, and other

finishes based in Fredericksburg, Virginia.

Uni‐Select Inc.

(TSX:UNS) –

12/3/2015 Chet Nichols Inc.Operator of automotive parts stores based in Benton

Harbor, Michigan.Auto‐Wares, Inc. –

12/2/2015 N‐FAB Parts and AccessoriesManufacturer of tubular accessories for pickup trucks

and SUVs based in Houston, Texas.

Truck Hero, Inc.

(TA Associates) –

12/2/2015 CARSTAR Automotive Canada Inc.Coll ision repair facil ities operator based in Ontario,

Canada.

Driven Brands Inc.

(Roark Capital Group) –

12/1/2015 MotoFuze LLCAutomotive customer experience management platform

based in Raytown, Missouri.

AutoAlert, Inc.

(HGGC, LLC) –

11/24/2015Dynojet Research, Inc.

(American Capital, Ltd.)

Aftermarket parts and diagnostics manufacturer based

in Las Vegas, Nevada.

Irving Place Capital and New Value

Capital –

11/10/2015Remy International Inc.

(NasdaqGS:REMY)

Designer, manufacturer, and distributor of rotating

electrical components for the automotive aftermarket

based in Pendleton, Indiana.

BorgWarner Inc.

(NYSE:BWA) $1,195

11/6/2015FleetPride, Inc.

(Remanufacturing Assets)

Heavy‐duty truck and trailer parts distributor based in

Irving, Texas.

TransAxle LLC

(Graham Partners) –

11/2/2015 Reading Truck Body, LLCManufacturer and distributor of truck bodies based in

Reading, Pennslyvania.

J.B. Poindexter & Co., Inc.

(LLR Partners Inc.) –

11/2/2015Compass Automotive Group, LLC

(Monomoy Capital Partners)

Automotive components manufacturer based in New

York, New York.Shipston Group Limited –

10/29/2015 Standard Auto Parts Automotive parts retailer based Houston, Texas. Auto Plus –

10/26/2015 HiPer Technology, Inc. Wheel manufacturer based in Lawrence, Kansas. Weld Racing, LLC –

10/22/2015CARSTAR Auto Body Repair Experts

(Champlain Capital Management)

Coll ision repair facil ities operator based in Leawood,

Kansas.

Driven Brands Inc.


10/21/2015 Galveston Standard Auto Parts, Inc. Retailer of auto parts based in Galveston, Texas. IEH Auto Parts, LLC –

10/21/2015 Who‐Rae Pty Ltd.Aftermarket accessories manufacturer based in South

Melbourne, Australia.

Kraco Enterprises, LLC

(Sun Capital Partners, Inc.) –

10/15/2015Automotive Inventory Management

SystemWarehouse distributor based in Simi Valley, California. Warren Distributing, Inc. –

10/15/2015 Interstate Auto Parts Warehouse Automotive parts provider based in Salem, Oregon. Baxter Auto Parts –

10/14/2015Central City Auto Parts and Xpress

Auto Parts

Automotive parts distributors based in Cleveland,

Tennessee and Ft. Myers, Florida, respectively.Auto Plus –

10/12/2015 United Auto PartsAutomotive parts distributor based in Fond Du Lac,

Wisconsin.Auto Plus –

10/9/2015 Corvette America, Inc.Manufacturer of Corvette parts and accessories based in

Reedsvil le, Pennsylvania.

Restoration Parts Unlimited, Inc.

(Dubin Clark & Company, Inc.) –

10/7/2015Tri‐City Auto Salvage and Butler

Auto Sales & Parts

Automotive parts distributor based in Greensboro, North

Carolina and an automotive parts reseller based in

Forest City, North Carolina.

Fenix Parts, Inc.

(NasdaqGM:FENX) $7

27


Close


10/5/2015 Carter’s Collision Service, Inc.Operator of coll ision repair facil ities based in San

Diego, California.

Service King Paint & Body, LLC

(The Blackstone Group) –

10/5/2015 Wolverine Advanced Materials, LLC

Manufacturer of customized technologies for automotive

braking systems and sealing solutions for harsh

operating environments based in Dearborn, Michigan.

ITT Corporation

(NYSE:ITT) $300

9/29/2015 Eastern CatalyticCatalytic converter manufacturer and supplier based in

Langhorne, Pennsylvania.

AP Exhaust Technologies, LLC

(Audax Group, Inc.) –

9/26/2015MBW Motorcycle Products

(LED Accessory Line of Products)

Motorcycle l ighting products manufacturer based in

West Kingston, Rhode Island.Custom Dynamics LLC –

9/23/2015MSDP Group, LLC

(Z Capital Partners, L.L.C.)

Automotive performance products marketer and supplier

based in El Paso, Texas.

Holley Performance Products, Inc.

(Lincolnshire Management, Inc.) –

9/14/2015Driven Performance Brands, Inc.

(Dubin Clark & Company, Inc.)

Aftermarket performance products provider based in

Santa Rosa, California.Sentinel Capital Partners –

9/14/2015 Cassidy Auto Trim Aftermarket restyling facil ity based in Houston, Texas. Classic Soft Trim, Inc. –

9/1/2015The Carlstar Group LLC, Carlstar

Belts Business

Manufacturer of rubber belts used in industrial,

commercial, and consumer applications based in

Franklin, Tennessee.

Timken Company

(NYSE:TKR) $220

9/1/2015 IVC Industrial Coatings Inc.Manufacturer of specialty, powder, and l iquid coatings

based in Brazil , Indiana.

PPG Industries, Inc.

(NYSE:PPG) –

8/31/2015Arrowhead Electrical Products, Inc.

(Pfingsten Partners, L.L.C.)

Supplier of non‐discretionary aftermarket replacement

parts serving a variety of vehicle end markets based in

Blaine, Minnesota.

The Riverside Company –

8/31/2015 Magna Interiors Inc.Manufacturer and suppliers of automotive products

based in Aurora, Canada.Grupo Antolín Irausa, S.A. $525

8/28/2015 Lorin Peck Tool Co.

Distributor of tools and equipment for traditional

vehicle, performance, truck, and chemical markets based

in Utah.

National Performance Warehouse

Inc. –

8/28/2015 Bridgeway Enterprises, Inc.Designer and distributor of tonneau covers for l ight

trucks based in Surprise, Arizona.

Lund International

(Highlander Partners) –

8/28/2015 Lehman's Garage, Inc.Automotive maintenance services provider based in

Bloomington, Minnesota.

ABRA Auto Body & Glass

(Hellman & Friedman) –

8/25/2015 Hawaii Automotive LLC Acura dealership operator based in Honolulu, Hawaii.Lithia Motors Inc.

(NYSE:LAD) –

8/18/2015Coast Distribution Systems Inc.

(AMEX:CRV)

Distributor of replacement parts, supplies, and

accessories for recreational vehicles based in Morgan

Hill, California.

LKQ Corporation

(NasdaqGS:LKQ) –

8/18/2015 C.B. Hoare Auto Parts LimitedWholesaler of automotive parts and paint products

operating three locations in Nova Scotia.

Uni‐Select Inc.

(TSX:UNS) –

8/18/2015 Ocean County Auto Wreckers, Inc.Full‐service auto recycling facil ity based in Bayvil le,

New Jersey.

Fenix Parts, Inc.

(NasdaqGM:FENX) –

8/17/2015 360 Forged, Inc. Manufacturer of forged wheels based in Miami, Florida. American Force Wheels Inc. –

8/14/2015 Riverdale Body ShopProvider of coll ision repair services based in

Scherervil le, Indiana.



8/14/2015Cosmos Ocean County Auto

Wreckers, Inc.Auto recycler based in Bayvil le, New Jersey. Fenix Parts, Inc. $3

8/12/2015 Shelby’s Wheel and Tires Tire dealer based in Paducah, Kentucky.Raben Tire Co., LLC

(Palladium Equity Partners) –

8/11/2015 Lebzelter's Total Car CareOperator of three tire and automotive service locations

based in Lancaster, Pennsylvania.Jack Williams Tire Company, Inc. –

8/10/2015 South Dade Automotive Inc. Tire distributor based in Miami, Florida. U.S. AutoForce Inc. –

8/5/2015 Atlantic Automotive EnterprisesSteering systems manufacturer based in Tabor City,

North Carolina.CRP Industries Inc. –


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8/5/2015 Somerset Tire Service Inc.Tire retailer with 157 locations in New Jersey,

Pennsylvania, and New York.

Mavis Tire Supply, LLC

(ONCAP) –

8/3/2015 Nestor Sales LLCDistributor of automotive tools and equipment based in

Largo, Florida.Essendant Inc. $39

8/3/2015EiKo Global, LLC

(Automotive Lighting Business)

Manufacturer and distributor of lamps and l ighting

solutions for the automotive, industrial, and healthcare

industries based Shawnee, Kansas.

Old World Industries, LLC –

7/31/2015Time Automotive Distributors, Salt

Lake City and Boise Locations

Wholesaler of performance and truck accessories based

in Utah.

National Performance Warehouse

Inc. –

7/27/2015 Tower Motor Parts Local auto parts retailer based in Massachusetts. Bond Auto Parts –

7/24/2015 Prestige Collision Specialist, LLCProvider of vehicle coll ision services based in Decatur,

Georgia.



7/24/2015 Coogle Tire ServiceDealership that predominately sells farm equipment

based in in Indiana.

Raben Holdings, LLC

(Palladium Equity Partners) –

7/23/2015 Kost Tire & Auto Care CentersProvider of automotive repair and tire services based in

central New York and Pennsylvania.

Monro Muffler Brake Inc.

(NasdaqGS:MNRO) –

7/23/2015 Windsor Tire Co. Tire retailer headquartered in Norwood, Massachusetts. Monro Muffler Brake Inc.

(NasdaqGS:MNRO) –

7/20/2015 Downtown Autobody Repair, Inc.Provider of automotive repair services and roadside

assistance based in Alcoa, Tennessee.



7/17/2015 Identifix, Inc.

Auto repair hotline company offering l ive technical

assistance to professional shop owners and technicians

based in Saint Paul, Minnesota.

Solera Holdings, Inc.

(NYSE:SLH) $1,164

7/15/2015 Vari‐Form Holding US Corp.Manufacturer of l ightweight, hydroformed structural

parts for pickup trucks, SUVs, and l ight vehicles.Crowne Group, LLC –

7/15/2015 McDonald Auto Body, Inc. Provider of coll ision repair services and refinishing

based in Hyattsvil le, Maryland.

Gerber Collision & Glass Inc.

(The Boyd Group Inc.) –

7/14/2015 Marathon Industries, Inc.Manufacturer and distributor of specialty tires, wheels,

and belts based in Franklin, Tennessee.

The Carlstar Group LLC

(American Industrial Partners) –

7/10/2015Kelle Oil Company

(Wholesale Tire Division)

Distributor of tires in the commercial, passenger, and

l ight truck tire categories based out of Delphos, Ohio. K&M Tire, Inc. –

7/10/2015 Kadel's Auto Body, LLCProvider of auto body repair services with locations in

Oregon, Washington, and Ohio.



7/8/2015 Power Train

Provider of heavy duty aftermarket truck parts, fleet

maintenance, and mobile repair services based in the

Indiana, Ohio, and Kentucky markets.

TruckPro, LLC

(Harvest Partners) –

7/8/2015 PartsChannel, Inc.Aftermarket replacement parts distributor based in

Dallas, Texas.

LKQ Corporation

(NasdaqGS:LKQ) –

7/6/2015 Turner Motorsport LLCManufacturer and retailer of high performance BMW

parts and accessories based in Massachusetts.ECS Tuning, LLC –

7/2/2015 Octopus Car WashOperator of five car wash locations in Rockford, Il l inois

and Madison, Wisconsin.

Mister Car Wash, Inc.

(Leonard Green & Partners) –

7/1/2015 Wells Manufacturing, LP

Supplier of switches, ignition coils, and pressure

sensors in the automotive aftermarket based in Fond du

Lac, Wisconsin.

NGK Spark Plug Co. Ltd. $251

6/30/2015 Albert Tire LLCWholesaler of tires and tubes to the Northeast and mid‐

Atlantic markets based in West Deptford, New Jersey.

American Tire Distributors

Holdings, Inc. –

6/30/2015Valvoline International, Inc.

(Car Care Products Assets)

Manufacturer of cleaning products for automobiles

based in the U.S.

Niteo Products, LLC

(Highlander Partners, L.P.) $24

6/26/2015 Zep, Inc.

Producer and marketer of cleaning and maintenance

chemicals, and related products and services based in

Atlanta, Georgia.

New Mountain Capital, LLC $699

6/22/2015 Covercraft IndustriesProvider of premium quality exterior and interior

protection products.Century Park Capital Partners –


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6/18/2015 Volvox GroupEuropean supplier of l ighting solutions through its Ring,

Van‐Line, and BMAC sub‐brands.Rubicon Partners –

6/15/2015 Metcash Automotive Holdings Automotive aftermarket franchise network in Australia. Burson Group $223

6/8/2015 1‐800‐Radiator & A/C Inc.

Provider of replacement parts including radiators,

cooling units, and fuel pumps for independent installers

and repair shops based in Benicia, California.

Driven Brands, Inc.


6/4/2015 DMEautomotive, LLCData‐driven customer retention and marketing solutions

provider to the retail automotive industry.Solera Holdings, Inc. $143

6/1/2015Uni‐Select USA, Inc. and

Beck/Arnley Worldparts, Inc.

Distributor of automotive parts, equipment, tools,

accessories, and paint.Icahn Enterprises, L.P. $340

6/1/2015 The Grease Spot, Inc. 13‐unit quick service oil change operator. The Lube Stop, Inc. –

5/27/2015 Spyke Inc.

Manufacturer of premium high‐performance rotating

electrical and ignition products for the Harley‐Davidson

motorcycle and Volkswagen markets.

PerTronix Inc. –

5/26/2015 The Frank Edwards Co. Distributor of automotive parts based in Utah.National Performance Warehouse

Inc. –

5/25/2015 Car‐X Tire & AutoOperator of automotive service centers based in

Schaumburg, Il l inois.Monro Muffler Brake Inc. –

5/21/2015Dealix Corporation And Autotegrity,

Inc.

Online connector of new and used car buyers with

dealers, dealer groups, and OEMs of vehicles.Autobytel Inc. $25

5/21/2015 OE Plus

Supplier of remanufactured starters and alternators to

the automotive aftermarket based in North Dighton,

Massachusetts.

Motorcar Parts of America, Inc.

(NasdaqGS:MPAA) $5

5/19/2015 Powertrain Integration LLCManufacturer of on‐highway engines and powertrain

systems based in Madison Heights, Michigan.Power Solutions International, Inc. $30

5/18/2015 Bell Automotive ProductsSupplier of interior protection, tire safety, and vehicle

accessory products.Hopkins Manufacturing –

5/14/2015 AIRAID Filter Company, L.L.C.Supplier of high‐quality air intake systems designed for

l ight trucks and SUVs.

K&N Engineering, Inc.

(Gryphon Investors) –

5/13/2015 RWA Holdings Co.Supplier of differentials, ring and pinions, and axle

products in the l ight‐duty automotive aftermarket.Linsalata Capital Partners –

5/8/2015 Power Stop, LLCSupplier of branded performance aftermarket brake

products.Sterling Investment Partners, L.P. –

5/8/2015 ATSCO Remanufacturing Inc. Remanufacturer of automotive power steering products.BBB Industries

(Pamplona Capital Management) –

5/8/2015 Ray's Auto Paints & SuppliersSupplier of paints and supplies to the automotive

aftermarket based in North Carolina.Uni‐Select Inc. –

5/8/2015Sandhills Automotive Refinishes

Inc.

Multi‐shop supplier of paints and supplies to the

automotive aftermarket based California.Uni‐Select Inc. –

5/4/2015 LexolSupplier of leather care products serving the automotive,

sporting goods, fashion, and furniture end markets.

HandStands

(Trivest Partners) –

5/4/2015 RallySport Direct, LLC Sports compact aftermarket eTailer. Premier Holdings, LLC –

4/28/2015 Armored AutoGroup

Provider of aftermarket appearance products and

performance chemical products based Danbury,

Connecticut.

Spectrum Brands Holdings $1,400

4/24/2015 SpectAL Industries, Inc.Manufacturer of vehicle windows based in Granby,

Canada.Lippert Components, Inc. $22

4/23/2015 Net Driven Supplier of website solutions for jobbers and retailers. Internet Brands, Inc. –

4/20/2015 DJ's Autobody Inc. Supplier of aftermarket parts based in Waterloo, Iowa.LKQ Corporation

(NasdaqGS:LKQ) –


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4/20/2015 Kil ler Motorsports, LLCOnline retailer of aftermarket powersports parts and

accessories.Vertana Group LLC –

4/20/2015 Quality Werks Auto Body, Inc. Coll ision repair operator in New York.ABRA Auto Body & Glass


4/17/2015 Driven Brands

Family of automotive companies offering car care,

appearance care, general repair, and other services

based in Charlotte, North Carolina.

Roark Capital Group –

4/14/2015 Dent Wizard International

Automotive reconditioning company specializing in

paintless dent repair, hail damage repair, and similar

services.

Gridiron Capital –

4/13/2015 America's Auto Auction

Wholesale auction platform for vehicles from car

dealers, fleet lease businesses, and repossession

companies.

Trinity Hunt Partners –

4/13/2015 Zak's Hi‐Tech Collision Centers Coll ision repair operator in Il l inois.ABRA Auto Body & Glass


3/31/2015Palmer Performance Engineering,

Inc.

Developer of the DashLogic software platform and

DashCommand app.Auto Meter Products –

3/31/2015 C&R Racing, Inc. Manufacturer and distributor of performance cooling

and drivetrain components.PWR Performance Products Pty Ltd. –

3/31/2015 ChemFree CorporationManufacturer of bioremediating parts, washers, and

parts washing degreasers based in Norcross, Georgia.CRC Industries, Inc. $22

3/30/2015 Racer's Equipment Warehouse Distributor to automotive enterprises in New England.National Performance Warehouse

Inc. –

3/25/2015 Superwinch, LLC

Designer, manufacturer, and marketer of winch systems

and accessories for consumer and industrial end‐

markets based in Connecticut.

Kinderhook Industries –

3/23/2015 Vista‐Pro Automotive

Manufacturer and distributor of engine cooling and

temperature control products based in Nashvil le,

Tennessee.

Engineered Cooling Systems –

3/17/2015 Pittsburgh Auto AuctionDealer automotive auction company based in Pittsburgh,

Pennsylvania.ADESA, Inc. –

3/17/2015Savannah Tire and Rubber

Company, Inc.

Dealership operating nine retail locations under the Tire

Pros umbrella based in Savannah, Georgia.

Express Oil, LLC

(Carousel Capital) –

3/16/2015 Interstate GlassMulti‐shop full service glass company based in North

Carolina.

ABRA


3/9/2015 ReadyLIFT Suspension Inc.Manufacturer of l ifted and off‐road suspension kits for

trucks and SUVs.Mangrove Equity Partners –

3/5/2015 Wilter Auto & Industrial Supply Wholesaler of automotive parts in Northeastern Alberta. Uni‐Select –

3/3/2015Loro Auto Works Collision Repair

Center, Inc.Coll ision repair operator based in Il l inois.



3/2/2015 Central Collision Centers, Inc. Coll ision repair operator based in Il l inois.Service King Paint & Body, LLC


3/2/2015 Leon Automotive InteriorsSupplier of automotive interior products based in Grand

Rapids, Michigan.Motus Integrated Technologies –

3/2/2015 Maval Manufacturing, Inc.

Manufacturer and distributor of steering systems and

specialty products to the automotive service, OE

powersports, and off‐road markets.

Remy International, Inc. $22

2/27/2015 Crash1 Off Alpine Collision Center Collision operator based in Rockford, New York.ABRA


2/25/2015 Collision Experts Inc. Multi‐shop coll ision repair operator in New York. H&V Collision Center, Inc. –

2/25/2015 Motorfist LLCManufacturer and marketer of apparel based in Idaho

Falls, Idaho.Arctic Cat Inc. $9

2/23/2015 Competition Suspension, Inc.Manufacturer of racing suspension products primarily

for circle track racers.A‐FAB, LLC –


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2/20/2015 Triangle Auto Body Corp. Coll ision operator in Durham, North Carolina.ABRA


2/19/2015 Sea Hawk Refinish Line, Inc.Distributor of automotive and marine paint products in

Clearwater, Florida.FinishMaster Inc. –

2/18/2015HH Investment Limited

("Hammerhead")

Manufacturer of gasoline‐powered go‐karts, l ight util ity

vehicles, and electric util ity vehicles.Polaris Industries Inc. –

2/12/2015 ATDynamics, Inc.Manufacturer of aero fairings and other drag‐reducing

products for trailers.Stemco LP $36

2/9/2015 United Automotive Supply Family‐owned automotive parts distributor. Auto‐Wares –

2/9/2015Effingham Truck Sales, Inc.

(Certain Assets)

Operator of truck and trailer dealership based in

Effingham, Il l inois.Rush Enterprises, Inc. $25

2/6/2015 Barrett's Collision CentersMulti‐shop coll ision repair operator based in

Washington.

ABRA


2/6/2015 GW Auto Rebuild Coll ision repair operator in Washington.ABRA


2/6/2015 Parasol CanadaDistributor of paint protection and tint products for the

Canadian market. XPEL Canada Corporation $3

2/6/2015 Hi‐Level Enterprises Limited Distributor of powersports parts based in the U.K.Arrowhead Electrical Products, Inc.

(Pfingsten Partners) $26

2/6/2015 Rigid Industries, Inc.

Supplier of LED l ighting and electronics for the off‐road,

powersports, agricultural, marine, industrial, and

mining markets.

Truck‐Lite Co. –

2/3/2015 Poison Spyder Customs Manufacturer of Jeep exterior parts and accessories. Transamerican Manufacturing

Group –

2/3/2015Charlie's State Avenue Collision

Repair, Inc. Collision repair operator based in Washington.



1/30/2015 Veyance Technologies, Inc.Manufacturer and marketer of engineered rubber

products based in Fairlawn, OhioContiTech AG $1,910

1/28/2015 OE Quality Friction Inc. Supplier of brake pads based in McHenry, Il l inois.Brake Parts Inc.

(Torque Capital Group) –

1/20/2015 Jack's Collision Center, LLC Collision repair operator based in Florida.Service King Paint & Body, LLC


1/20/2015 Bushwacker Fender flares and truck accessories manufacturer.Lund International

(Highlander Partners) –

1/9/2015 Integra Tire and Auto Centers Ltd. Tire and automotive service provider based in Canada. Trican Tire Distributors, Inc. –

1/6/2015 AxleTech InternationalEngineering and manufacturing company for both OE

and aftermarket drivetrain systems and components.The Carlyle Group –

1/6/2015 Craftmaster Auto Body Group, Inc. Multi‐shop coll ision repair operator in Florida. Boyd Group $7

1/5/2015 ACCEL Performance Group, LLCManufacturer of ignition and fuel products for cars,

trucks, and motorcycles.

MSDP LLC

(Z Capital Partners) –

1/5/2015 Craftsman Auto Body Automotive repair operator based in Virginia.Caliber Bodyworks, Inc.

(OMERS) –

1/5/2015 Pohanka Collision Centers Automotive repair operator based in Maryland.Caliber Bodyworks, Inc.

(OMERS) –

1/5/2015 Eagle Ottawa, LLC Leather supplier based in Auburn Hills, Michigan. Lear Corporation $850

1/2/2015 Grand Sport Auto BodyMulti‐location coll ision repair operator based in

Philadelphia, Pennsylvania.




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