Standard Motor Products, an automotive parts manufacturer, agreed to acquire Nissens, an aftermarket engine cooling and air conditioning products manufacturer, from Axcel, a private equity company, for $388m. "We are very excited to have SMP as our new owner. We have been following SMP's activities in the US, and we see a lot of similarities in the way SMP and Nissens operate in their respective focus regions. I have personally known the SMP management team for several years, and I believe there is a very strong cultural fit that will support and accelerate the positive development of both companies. We look forward to becoming part of the SMP family," Klavs Pedersen, Nissens CEO.