The document provides a comprehensive analysis of mergers and acquisitions in the auto parts and equipment sector from January 2013 to March 2019, highlighting key financial metrics such as total deal value of $88,199 million and transaction multiples. It offers insights into industry trends, geographic variations, and projections for the future growth of the auto parts manufacturing industry, with expected revenue growth of 0.7% to $75.8 billion by 2024 despite recent declines in vehicle production. Additionally, Alps Venture Partners outlines their corporate finance services and expertise in business valuation across various sectors.

1. page A L P S V E N T U R E P A R T N E R S 1
AUTO PARTS &!
EQUIPMENTS!
2019 Mergers & Acquisitions Analysis!
!
Alps Venture Partners!
TRANSACTION MULTIPLES | HISTORICAL TRENDS | GEOGRAPHIC HEAT MAP

2. page A L P S V E N T U R E P A R T N E R S 2
Merger & Acquisition Summary – Auto Parts & Equipment
Valuation Summary
Total Deal Value ($mm) 88,199
Average Deal Value ($mm) 285
Average TEV/Revenue 1.5x
Average TEV/EBITDA 10.6x
Average Day Prior Premium (%) 29%
Average Week Prior Premium (%) 34%
Average Month Prior Premium (%) 22%
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Transaction Ranges
Greater than $1 billion 14
$500 - $999.9 mm 19
$100 - $499.9 mm 54
Less than $100 mm 223
*Source: CapitalIQ, AlpsVP Analysis
Date Range: Jain 1, 2013 – March 25, 2019

3. page A L P S V E N T U R E P A R T N E R S 3
Transaction Multiples - Trends
*Source – CapitalIQ, AlpsVP Analysis
1.2x 1.6x 1.3x 1.4x 1.9x
2.5x
7.0x
13.5x
10.5x 10.4x
12.2x 12.1x
0.0x
2.0x
4.0x
6.0x
8.0x
10.0x
12.0x
14.0x
16.0x
2014 2015 2016 2017 2018 2019
Multiples
Average TEV/Revenue
Average TEV/EBITDA
Historical Multiples 2014 2015 2016 2017 2018 2019 5 Year
Average TEV/Revenue 1.2x 1.6x 1.3x 1.4x 1.9x 2.5x 1.5x
Average TEV/EBITDA 7.0x 13.5x 10.5x 10.4x 12.2x 12.1x 10.7x
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4. page A L P S V E N T U R E P A R T N E R S 4
Transaction Numbers - Trends
*Source – CapitalIQ, AlpsVP Analysis
1
4 2 2 4
1 2 3
7
4 3
-
9 8
12 13
8
4
39
36
43
72
32
1
-
10
20
30
40
50
60
70
80
2014 2015 2016 2017 2018 2019
Number of Transactions
> $1 billion
$500 - $999.9mm
$100 - $499.9mm
Less than $100mm
(in $ Million) 2014 2015 2016 2017 2018 2019 5 Year
Average Deal Value 107.6 521.7 207.0 165.5 549.2 330.3 310.2
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5. page A L P S V E N T U R E P A R T N E R S 5
Geographic Heat Map
*Source – CapitalIQ, AlpsVP Analysis; Number of transactions in Major Regions;
Asia Pacific – 21.8% Americas – 40.8% Europe/MENA/Africa – 37.5%
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Region / Transactions Number Total Value Average Size
Asia Pacific 179 19,188 107
Europe/MENA/Africa 84 33,069 394
Americas 47 35,942 765

6. page A L P S V E N T U R E P A R T N E R S 6
Investment Focus
*Source – Data based on transactions during Jan 01, 2013 and March 25, 2019 from CapitalIQ, AlpsVP Analysis
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Geographic Location Number of Transactions Average Historical Multiples Average Transaction size (USD mn)
China 75 2.6x 74.5
South Korea 49 0.8x 118.7
United States 35 1.1x 975.3
Germany 27 1.1x 326.8
India 22 1.4x 55.5
Japan 12 0.5x 400.0
Italy 10 1.2x 65.2
Spain 9 0.9x 313.6
Australia 6 1.1x 29.3
Canada 6 1.3x 178.1
Netherlands 5 1.3x 152.1
United Kingdom 5 1.0x 2,770.5
France 5 1.0x 369.8
Indonesia 5 0.8x 12.1
Austria 5 0.9x 267.2
Others 34 1.8x 154.0

7. page A L P S V E N T U R E P A R T N E R S 7
Largest Transactions
Target Deal Value ($mm)
ZF TRW Automotive Holdings Corp. $14,507
GKN Limited $12,924
Federal-Mogul LLC $5,400
Hanon Systems (KOSE:A018880) $3,953
Metaldyne Performance Group Inc. $3,418
Calsonic Kansei Corporation $3,368
Magna PT B.V. & Co. KG $2,670
Armored AutoGroup Parent, Inc. $1,400
Remy International, Inc. $1,298
ZKW Holding GmbH $1,248
*Source – CapitalIQ, AlpsVP Analysis
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8. page A L P S V E N T U R E P A R T N E R S 8
IND UST RY INSIG HT S

9. page A L P S V E N T U R E P A R T N E R S 9
Industry Outlook (1/2)
[1] Source: Advertising Agencies in US published by IBISWorld, Feb 2019
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US Auto Parts Manufacturing Industry1
The Auto Parts Manufacturing industry has grown over the five years to 2019 as automakers, the industry’s largest
customers, have benefited from rising sales. Industry operators manufacture various items, including exhaust systems,
airbags and HVAC systems. Higher consumer confidence and increased disposable income have led to increased car
sales. Furthermore, stronger demand for new cars triggered increased production from vehicle manufacturers, which
supported revenue growth for auto parts manufacturing plants. However, recent declines in vehicle production have
limited overall industry revenue throughout the period. As a result, industry revenue is expected to increase at an
annualized rate of 0.4% to $73.3 billion over the five years to 2019, despite a 2.6% decline in 2019 alone.
22.2%
21.5%
18.1%
15.7%
8.5%
7.8%
6.2%
Airbag systems Exhaust systems HVAC systems
Other auto parts Filters and fuel tanks New wheels
Auto body parts
Low interest rates and unemployment levels resulted in
strengthened consumer confidence during the period.
Equipped with more disposable income and improved
confidence in the economy, consumers ramped up
spending during the current period. New car sales surged
as individuals acted on low interest rates. Consequently,
automakers increased orders of industry products to meet
the correspondingly heightened production demand.
However, during the latter half of the period, declines in
exports and automobile production have limited overall
revenue growth. Moreover, while operators have
expanded per establishment capacity and efficiency, they
have struggled to limit the effects of volatile input prices.
As a result, profit margins have suffered over the past five
years.

10. page A L P S V E N T U R E P A R T N E R S 10
Industry Outlook (2/2)
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US Auto Parts Manufacturing Industry1
The recent decline in auto demand is expected to persist over the five years to 2024. In addition, new car sales are
expected to stagnate during the outlook period. This stagnation will be driven by rising interest rates and waning
consumer confidence; financing big- ticket purchases will be more expensive for consumers and, as a result, the growth
of new car sales and vehicle production will be tempered. However, these negative trends will be mitigated by several
developments. Over the next five years, the value of the US dollar is expected to further decline, which is anticipated to
boost the value of exports and industry revenue. In addition, US companies expanded their domestic capacity over the
five years to 2019, which is anticipated to promote innovation and production during the outlook period. Over the five
years to 2024, industry revenue is projected to increase at an annualized rate of 0.7% to $75.8 billion.
74.0 73.2 72.9 75.3 73.3 73.3 73.8 74.2 74.7 75.8
3.1%
-1.1%
-0.4%
3.2%
-2.6%
0.1%
0.7% 0.5% 0.6%
1.6%
-3.0%
-2.0%
-1.0%
0.0%
1.0%
2.0%
3.0%
4.0%
71
72
72
73
73
74
74
75
75
76
76
77
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
AutoPartsinUSRevenue($B)
Market Size ($B) Growth (%age)
[1] Source: Advertising Agencies in US published by IBISWorld, Feb 2019

11. page A L P S V E N T U R E P A R T N E R S 11
Alps Venture Partners has established
a team of experts that have experience
in valuing businesses across diverse
industry sectors and all developmental
stages; ranging from clients with seed
funding to pre-IPO stage.
With the team having experience of
both valuations and audits, our detailed
and insightful valuation appraisal
reports, along with our responsive
support, help our clients easily pass
through any stringent audit review
process in a smooth, efficient and
time-bound manner.

12. page A L P S V E N T U R E P A R T N E R S 12
Corporate Finance Services
We provide clients with high quality
research, analytical and advisory
support for transactions. We offer a
range of services such as initial
opportunity assessment, market
analysis, financial modeling,
commercial and financial due
diligence, valuation, capital structure
planning, and deal structuring.
v Investment Opportunity
Assessment
v Target Identification
v Preparation of Pitch Books
v Buyer & Seller Services
v Fairness Opinions
v Financial Modeling
v Business and Financial Due
Diligence etc.
Transaction advisory Financial Modeling
Whether it is evaluating new
business ventures, proposed
transactions or financial and
operational strategies, a robust and
dynamic financial model is an
integral component to the decision-
making process.
Transaction Identification
We can help by global target
identification considering the
requirements with maximum
synergy.
The financial due diligence process
is a necessity to any transaction. Our
aim is to enable owners and
managers to make such investments
with confidence by supporting and
advising at every stage. We will help
reduce the risk – and stress – of
investing at home or in another
country.
Due Diligence
Custom Research
We provide clients with customized
research report, model, decks with
client specific requirements such as:
v Business plan development,
v Diagnostic review of operations
v Competitor benchmark analysis
v Intellectual Property
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13. page A L P S V E N T U R E P A R T N E R S 13
Financial Reporting and Tax Compliance Services
IRC 409a
We have experience of handling
more than 2000+ 409a valuations
across Industries. With the team
having experience of both valuations
and audits, our detailed and
insightful Section 409A appraisal
reports, along with our responsive
support, help our clients easily pass
through any stringent audit review
process in a smooth, efficient and
time-bound manner.
Fair Value Measurement
We help PE and VC clients to
comply with ASC 820 and IFRS 13
standard’s complex provisions and
avoid any audit issues in their
quarterly and annual reporting.
Relative TSR Programs
We value the awards with Relative
TSR metrics, using sophisticated
modeling techniques which allow
clients to quickly and accurately
value new grants.
Our business valuation experienced
team along with the team of veteran
Patent lawyers position us uniquely
to assist clients in completing annual
Goodwill and Investment
Impairment testing.
ASC 350 / IAS 38
ASC 718 (FAS 123R)/IFRS 2
Our experienced team at Alps
Venture Partners has performed
hundreds of stock options valuations
for ASC 718 for privately held
companies and publicly listed
companies across diverse industry
sectors and enterprise development
stages.
ASC 805 / IFRS 3
We have unmatched proficiency in
delivering Business Combinations
Accounting solutions to clients in
v a r i e d i n d u s t r i e s . O u r
comprehensive USPAP compliant
appraisal reports are auditable and
cost-effective, and help our clients
stay focused on the deal.
IRC 83 B Election
Alps Venture Partners has extensive
experience in assisting companies
seeking to comply with IRC 83 B
election. Failing to make a timely
83(b) election may lead to disastrous
tax consequences for a start-up
company founder or employee.
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14. page A L P S V E N T U R E P A R T N E R S 14
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