M&A · Industrials · Motor Vehicle Parts & Accessories
First Brands Group, LLC to acquire Horizon Global Corp
Announced Jan 3, 2023 · Closed Feb 8, 2023
Deal value$49MEV $250M
Premium31.0%To unaffected price
EV / Adj. EBITDA—0.4x EV / Revenue
ConsiderationAll cash$1.75 per share
Transaction
- Acquirer
- First Brands Group, LLC
- Target
- Horizon Global Corp
- Buyer type
- Strategic
- Offer price per share
- $1.75
- Enterprise value
- $250M
- Status
- Closed Feb 8, 2023
Deal protections
- Break fee (target pays)
- $2.0M · 4.1%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- Jefferies
Sector context · Industrials
- Comparable deals
- 79 in the prior 24 months
- Premium
- 31.0% vs. 47.0% sector median
- EV / Adj. EBITDA
- Sector median 11.6x
- Break fee
- 4.1% vs. 2.7% sector median
Timeline
- AnnouncedJan 3, 2023
- Tender offerJan 10, 2023
- ClosedFeb 8, 2023