Standard Motor Products Completes Asset Acquisition
Ticker: SMP · Form: 8-K · Filed: Nov 1, 2024 · CIK: 93389
Sentiment: neutral
Topics: acquisition, assets
TL;DR
SMP just bought some assets, details TBD.
AI Summary
On November 1, 2024, Standard Motor Products, Inc. (SMP) filed an 8-K report detailing the completion of an acquisition. The filing indicates that SMP has acquired assets, though specific details regarding the seller or the financial terms of the acquisition were not disclosed in this particular filing.
Why It Matters
This filing signals strategic growth for Standard Motor Products, Inc. through the acquisition of new assets, potentially expanding its market presence or product offerings.
Risk Assessment
Risk Level: medium — The acquisition of assets can introduce integration challenges and financial risks, but the lack of specific details in this filing makes a precise risk assessment difficult.
Key Players & Entities
- STANDARD MOTOR PRODUCTS, INC. (company) — Registrant
- November 1, 2024 (date) — Date of Report
- New York (location) — State of Incorporation
- 37-18 Northern Boulevard (address) — Principal Executive Offices
- Long Island City (location) — City of Principal Executive Offices
FAQ
What specific assets did Standard Motor Products, Inc. acquire?
The filing does not specify the exact nature or type of assets acquired by Standard Motor Products, Inc.
Who was the seller in this asset acquisition?
The identity of the seller from whom Standard Motor Products, Inc. acquired the assets is not disclosed in this 8-K filing.
What was the financial value or purchase price of the acquired assets?
The filing does not provide any information regarding the dollar amount or financial terms of the asset acquisition.
When did the completion of the asset acquisition officially occur?
The report indicates that the completion of the acquisition of assets occurred on or before November 1, 2024.
Are there any exhibits attached to this filing that provide more details on the acquisition?
The filing lists 'Financial Statements and Exhibits' as an item information, suggesting that further details may be available in the attached exhibits, though the content of these exhibits is not described here.
Filing Stats: 780 words · 3 min read · ~3 pages · Grade level 9.7 · Accepted 2024-11-01 12:37:53
Key Financial Figures
- $2.00 — ich registered Common Stock, par value $2.00 per share SMP New York Stock Exchange L
- $390 million — any paid consideration of approximately $390 million (360 million), net of cash and assumed
Filing Documents
- smp-20241101.htm (8-K) — 29KB
- nissens-closingpressreleas.htm (EX-99.1) — 9KB
- logo02.jpg (GRAPHIC) — 17KB
- 0000093389-24-000045.txt ( ) — 185KB
- smp-20241101.xsd (EX-101.SCH) — 2KB
- smp-20241101_lab.xml (EX-101.LAB) — 21KB
- smp-20241101_pre.xml (EX-101.PRE) — 12KB
- smp-20241101_htm.xml (XML) — 3KB
01. Completion of Acquisition or Disposition of Assets
Item 2.01. Completion of Acquisition or Disposition of Assets. On November 1, 2024, Standard Motor Products, Inc., a New York corporation (the "Company"), completed its previously-disclosed acquisition (the "Acquisition") of 100% of AX V Nissens III ApS and its direct and indirect subsidiaries ("Nissens Automotive"). The Acquisition was completed pursuant to a Share Sale and Purchase Agreement ("Purchase Agreement"), dated as of July 5, 2024, by and among the Company, the sellers party thereto, and Axcel V K/S, as the sellers' representative. At the closing of the Acquisition, the Company paid consideration of approximately $390 million (360 million), net of cash and assumed debt and subject to certain post-closing adjustments. The Company funded the Acquisition with borrowings under the Company's credit facility with JPMorgan Chase Bank, N.A., as administrative agent.
01. Regulation FD Disclosure
Item 7.01. Regulation FD Disclosure. On November 1, 2024, the Company issued a press release announcing the closing of the acquisition of Nissens Automotive, a copy of which is attached to this Current Report on Form 8-K as Exhibit 99.1, and is incorporated herein by reference. This information shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits. (a) Financial Statements of Business Acquired. Financial statements, to the extent required by this Item 9.01, will be filed by amendment to this Current Report on Form 8-K no later than 71 days after the date that this Current Report on Form 8-K is required to be filed. (b) Pro Forma Financial Information. Pro forma financial information, to the extent required by this Item 9.01, will be filed by amendment to this Current Report on Form 8-K no later than 71 days after the date that this Current Report on Form 8-K is required to be filed. (d) Exhibits. 99.1 Press release dated November 1, 2024 announcing the closing of Standard Motor Products, Inc.'s acquisition of Nissens Automotive. 104 Cover Page Interactive Data File--the cover page XBRL tags are embedded within the Inline XBRL document. 2 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. STANDARD MOTOR PRODUCTS, INC. By: /s/ Nathan R. Iles Nathan R. Iles Chief Financial Officer Date: November 1, 2024 3 Exhibit Index Exhibit No. Description 99.1 Press release dated November 1, 2024 announcing the closing of Standard Motor Products, Inc.'s acquisition of Nissens Automotive. 104 Cover Page Interactive Data File--the cover page XBRL tags are embedded within the Inline XBRL document. 4