NEXION S.p.A. and STENHØJ GROUP join forces and establish the leading European supplier of products and services for the automotive aftermarket
We hereby inform you that on March 8th, Nexion, world leader in automotive equipment sector with its brands Corghi, Bright, HPA-Faip, Mondolfo Ferro, SICE, Orlandini, Tecnomotor, Teco, finalized the purchase of the majority shareholding of STENHØJ, a leader Danish Group in the supply of products and services in the automotive aftermarket.
The total turnover of Nexion in 2018 was around 220 million euros, 75% of which from export markets, where the Group is present with importers and 7 branches. The total workforce is of about 1.500 employees.
The STENHØJ GROUP is a Danish family business based in Barrit, Jutland, Denmark and was founded in 1917. The Group consists of 15 branches in 11 countries. It has 660 employees and exports in over 60 countries worldwide. Besides STENHØJ, the best known brands are Dunlop, Autop, Sherpa, Molnar, Bradbury, Tecalemit, Gemco.
In 2017 it achieved a turnover of 108 million euros, with a 16% increase compared to the previous year and an EBIT of 7 million euros.
Nexion has acquired 75% of STENHØJ GROUP, while 25% will remain in the hands of the previous owner, the Dyoe family.
With this acquisition, a Group with a turnover of 320 million euros and almost 2200 employees will be created.
This acquisition has been achieved 2 years after Bright, important Chinese competitor, which led to the creation of Corwei Joint Venture. Also in this case, the management of STENHØJ, and in particular the CEO Soren Dyoe Madsen, will remain in the company assuring continuity in the framework of a common strategy aimed at taking advantage of all possible synergies.
Nexion continues in the path of acquisition of companies with characteristics complementary to those of the Group, so activating a process which will create a new corporate reality, absolute leader in its sector and with dimensions allowing to compete with the new players.
As part of this development plan, Nexion Shareholders have decided, in these days, to start a selection of possible investors for the transfer of a minority share of the Group stock capital.
The evaluation process of selected investors will begin in the next few days. Nexion shareholders, with the support of the Board of Directors and of the financial advisor Kaleidos, will evaluate the proposals not only on the basis of the economic offers, but above all on the sharing of the medium-term development plan already defined by the company.
Correggio, 11 March 2019