Nissens Automotive (“Nissens”) is a leading European provider of thermal management and engine efficiency products to the independent automotive aftermarket*. The Denmark-based company, established in 1921 by the Nissen family, now becomes part of Standard Motor Products (“SMP”). Headquartered in Long Island City, NY, SMP is a publicly listed, leading global manufacturer and distributor of premium automotive parts with over 6,000 employees across 32 manufacturing, distribution, engineering and office facilities in North America, Europe and Asia.
In 2017, Axcel joined forces with the Nissen family, and following a strategic split of the company into two standalone businesses, Nissens Cooling Solutions, a key supplier to the wind industry, was divested to A.P. Moller Holding in 2021. Since then, Axcel and Nissens’ management have continued to develop the automotive business, built a multi-brand portfolio, more than doubled revenue to DKK 1.8+ billion and positioned Nissens to cater to the vehicles of the future, including the growing electric vehicles market.
“We’re very pleased with Nissens’ strong development. Under Axcel’s ownership, the company has been on a transformational journey and delivered impressive growth, more than doubling its revenue and earnings. I want to thank the team at Nissens for a great partnership and congratulate SMP on acquiring a European market leader with best-in-class people, products and logistics,” says Axcel Partner Lars Cordt who has been responsible for the investment.
Klavs Thulstrup Pedersen, Group CEO of Nissens, adds:
“In close partnership with Axcel, we’ve succeeded in establishing and growing Nissens Automotive as a standalone business. We’ve acquired and integrated the AVA/Highway brands and introduced multiple new products to the market, including components to new energy vehicles, while navigating adverse market conditions in the wake of the pandemic and our exit from Russia. Thanks to an impressive effort from the entire team, Nissens delivers strong results and is well positioned to meet the demands of the future. We’re therefore excited to embark on this new growth chapter with SMP.”
Reflecting on the journey, Alan Nissen, Group CEO of Nissen Family Group A/S, says:
“The Nissen family has owned Nissens for more than a century, and we’re extremely proud to now see Nissens join forces with SMP which has the strength and ambition to further grow and develop the company. I want to thank Axcel for an excellent partnership and extend my gratitude to all our employees for their hard work and dedication to Nissens.”
Nissens is the seventh company to be sold from Axcel’s fifth fund, Axcel V. The sale of Nissens adds to the list of successful exits from Axcel V, including SteelSeries, European Sperm Bank, Aidian, Mountain Top and, most recently, Loopia Group.
The transaction is subject to approval by the relevant competition authorities and is expected to close in the second half of 2024. Upon closing, SMP will take over all shares previously held by Axcel, co-investors and the Nissen family.
Deloitte and Jefferies served as co-lead corporate finance advisors to Nissens and Axcel, while Gorrissen served as legal counsel and PwC as financial advisor.