SAN ANTONIO – XPEL Technologies Corp., a global supplier of automotive paint and headlamp protection films, has acquired Parasol Canada, a distributor of paint protection and window tint products for the Canadian market.

Parasol, founded in 2009, is headquartered in Terrebonne, a suburb of Montreal, with a distribution office in Calgary. Parasol has hundreds of independent repair shop and automobile dealership customers that are serviced by sales representatives in key markets throughout Canada. In addition to supplying customers with paint protection film, automotive window tint and installation tools, Parasol also provides installation training.

Ryan Pape, president and CEP of XPEL, said, “This acquisition is in line with our strategy to get closer to our end-customers, particularly in key international markets. Parasol Canada is a profitable business with a successful management team who will remain with the company. The acquisition allows us to gain a dedicated Canadian sales force, add to our portfolio of products, gain margin and expand our proven U.S. marketing initiatives into Canada, where we believe there is significant opportunity for growth as we integrate under the XPEL brand. Furthermore, Parasol Canada brings with it a five-year agreement and five-year renewal option to exclusively supply paint protection film and window tint to the 79 locations that comprise the Protex Paint Protection and Pelti Window Film franchise groups.”

A majority of Parasol Canada’s revenue is derived from the sale of XPEL products.

The acquisition price of CAD $4.8 million was funded by $1.9 million in new borrowing from the company’s primary lender, The Bank of San Antonio and a five-year, interest-free seller’s note. XPEL acquired inventory and receivables of approximately CAD $1.5 million as part of the purchase price.

The acquisition of Parasol Canada was completed by the transfer of all of Parasol Canada’s assets to a new subsidiary and the acquisition of all of the shares of the new subsidiary by XPEL Canada Corp., XPEL’s wholly owned Canadian subsidiary.

Pape added, “We are focused on expanding our geographical reach and increasing our customer base to drive revenue growth. Canada is our largest international market, and this acquisition enhances our presence there as we look to continue to grow market share.”