Auto Service World
News   July 20, 2011   by Auto Service World

Dayco on the Auction Block, say Sources

The parent company of Mark IV Automotive, supplier of Dayco brand products, is seeking a buyer for the company and could fetch more than $600 million, it is being reported.
The Troy, Michigan-based business, has reportedly an EBITDA of US$110 million and may be sold for about 5 to 6 times EBITDA, says the Reuters news service.
Financial advisory and asset management company. Lazard Ltd is advising Mark IV on the process.
Mark IV Automotive is the largest, and the only remaining division of its parent company Mark IV LLC, which recently sold its European air and engine cooling business to Italian auto parts maker Sogefi SpA for US$215 million.
Mark IV, has been in and out of bankruptcy since it was acquired by U.S.-based private equity firm Sun Capital Partners Inc in 2008 from London-based BC Partners Ltd.

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