Market overview
In Q2 2026, the automotive industry continued to face a challenging environment marked by ongoing changes, geopolitical uncertainty, and growing competitive pressure. Market conditions remained demanding for both OEMs and suppliers, driven by trade tensions, regional policy initiatives, increasingly fragmented supply chains, and mixed demand across key global markets.
The number of completed automotive M&A deals decreased slightly from 99 in Q1 2026 to 95 in Q2 2026. M&A activity in Q2 2026 was primarily driven by disposals of non-core business units, as well as transactions in the automotive aftermarket segment, such as the acquisition of ContiTrade France SAS by ASC Investment and the acquisition of Recambios Ochoa SL by Alliance Automotive Group.
Valuation multiples increased across all regions. In Europe, EV/Sales, EV/EBITDA, and EV/EBIT multiples rose by 0.8%, 10.1%, and 5.7%, respectively. North America also recorded increases across all metrics, with EV/Sales, EV/EBITDA, and EV/EBIT multiples rising by 6.8%, 8.2%, and 8.9%, respectively. A similar trend was observed in Asia, where the respective multiples increased by 20.1%, 20.3%, and 22.8%.
Geopolitical developments and evolving trade policies continue to create uncertainty across the automotive sector, highlighted by the US Supreme Court's ruling striking down the IEEPA tariffs. At the same time, OEMs and suppliers are navigating an evolving powertrain landscape, as reflected in Ford's recent shift away from its EV strategy toward hybrids and ICE vehicles. Combined with intensifying competition from Chinese manufacturers and the ongoing regionalisation of supply chains, these dynamics are prompting companies to review their strategic priorities, refine their portfolio mix, and enhance operational resilience, creating continued momentum for consolidation and M&A activity across the industry.
The number of completed automotive M&A deals decreased slightly from 99 in Q1 2026 to 95 in Q2 2026.
Top M&A deals Q2 2026
- ContiTrade France, the operator of Continental’s BestDrive tyre service and retail network in France, was acquired by ASC Investment, an investment firm specialising in pan-European corporate carve-outs. The transaction includes more than 130 BestDrive locations and approximately 1,200 employees. Following the acquisition, the outlets will continue to operate under the BestDrive brand as franchise partners of Continental. Through the transaction, Continental exits its direct retail operations in France and sharpens its focus on its core tire manufacturing and wholesale businesses.
- Freighter Group, an Australian manufacturer of heavy-duty trailers, was acquired by Schmitz Cargobull, which increased its shareholding in the company to 72%. The transaction underscores Schmitz Cargobull’s long-term commitment to the Australian market and provides Freighter Group with direct access to Schmitz Cargobull’s global expertise, technology capabilities, and product development pipeline. The acquisition also supports the expansion of Freighter Group’s aftermarket service and parts network, enabling customers to benefit from increased uptime and access to both local and global supply chains.
- Recambios Ochoa, a Spain-based distributor of automotive parts, was acquired by Alliance Automotive Group (AAG), the European subsidiary of Genuine Parts Company (GPC). The transaction aligns with AAG’s ongoing consolidation strategy across the Iberian Peninsula and further expands GPC’s international distribution network through the integration of Recambios Ochoa.
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Automotive Lead
Tobias Schätzmüller
Managing Partner
Transactions
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