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MANAGEMENT SUMMARY

Oliver Wyman Study on M&A in the Automotive Supplier Industry

The Dawn of a New Era

• The M&A market is gradually recovering despite recent market volatility, with Europe and North America experiencing a shift from a seller’s to a buyer’s market.
• Financial investors remain cautious due to economic fears and past losses, limiting participation.
• Growth-focused players from Asia are increasing consolidation, aiming to acquire Western technologies and customers to compete domestically.

Changed Market Dynamics

• Since 2009, numerous divestitures were shelved due to financial investors’ hesitancy, creating a massive M&A backlog.
• Post-Lehman collapse, many companies plummeted in value, making exits difficult and deterring further investments.
• Approximately 20% of high-revenue European suppliers (160 out of 800) will be sold in the next 24 months.

Opportunities and Fewer Buyers

• Consolidation is resuming as buyers target undervalued companies, but financial investor wariness reduces competition.
• Industry players are stepping in as M&A drivers, focusing on acquiring technologies like e-mobility.

Key Trends

• Asian companies are aggressively acquiring European suppliers for access to innovation and premium OEM clients.
• Urgency among buyers is driving aggressive pricing, pressuring sellers to accept lower offers rapidly.

Challenges Ahead

• Sustainable value creation depends on clear strategic perspectives and timely exits or portfolio upgrades by financial investors.
• European suppliers must act decisively in M&A to avoid being left out as consolidation proceeds.
• Future competition and market structure shifts will intensify cost and pricing pressures for many suppliers.

About Oliver Wyman

Oliver Wyman combines deep industry expertise and strategic consulting services, serving clients across various sectors.