Schouw & Co-backed Borg Automotive to acquire SBS Automotive from SBS Group.

Schouw & Co-backed Borg Automotive, an European largest independent automotive remanufacturing company, agreed to acquire SBS Automotive from SBS Group, a Danish-based company that develops, manufactures and markets brake pads and friction solutions. The divestment of SBS Automotive is subject to approval at an extraordinary general meeting of SBS Group, approval from relevant competition authorities and usual closing conditions, and is expected to be completed on 1 July 2021. Financial terms were not disclosed. “With the sale of SBS Friction earlier this year and today’s sales agreement regarding SBS Automotive, we are on our way to grapple with the debt burden and hopefully secure proceeds for our shareholders in line with what the board of directors and the executive management have been fighting for. The solution is also good for SBS Automotive’s loyal and skilled employees and the company as such. In that light, we are satisfied and recommend this agreement to our shareholders,” Peter Eriksen Jensen, SBS Group Chairman.