Parts Holding Europe (PHE), a subsidiary of the D’Ieteren Group, has entered into “exclusive negotiations” with MACIF for the disposal of its specialized glass repair activity Mondial Pare-Brise.
Disposal of PHE’s specialized glass repair activities was imposed by the European Commission with D’Ieteren’s acquisition of PHE in March 2022. According to a company news release, the transaction is subject to an information and consultation process with the works councils from both parties. It is also contingent on customary merger control approvals.
The transaction is expected to close in early 2023. Proceeds from the disposal would strengthen PHE’s strategic development through organic and external growth, according to the release.
PHE is an independent distributor of spare parts for vehicles in Western Europe. It has a presence in France, Belgium, The Netherlands, Luxemburg, Italy and Spain. The company generated sales of just less than $2 billion in fiscal year 2021.