COLUMBUS, Ohio — Vehicle glass repair and replacement company Belron US has reached an agreement to acquire substantially all the assets of Diamond Glass for $50 million plus the assumption of various liabilities. The deal is subject to approval by the United States Bankruptcy Court and any required regulatory approvals.
Diamond filed for Chapter 11 bankruptcy protection on April 1 and was put up for sale under an S363 process.
"Diamond Glass has a long and distinguished history," said Tom Feeney, president and CEO of Belron US. "Our team felt the acquisition could contribute to providing better service to our customers and would enable us to add experienced associates to our growing business."
The acquired assets of Diamond Glass, headquartered in Kingston, Pa., will be integrated into the Belron US operating model and the organization will be led by the Belron US senior leadership team. Belron US, which does business under the names Safelite AutoGlass, Elite Auto Glass and Auto Glass Specialists, will continue to be headquartered in Columbus, Ohio.
The Diamond Glass acquisition is the continuation of Belron SA’s strategic plan to profitably grow in the United States. Just 16 months ago, Belron acquired Safelite Group, which was the largest vehicle glass repair and replacement company in the United States at that time.
"Following completion of the transaction, the Belron US management team intends to work closely with the Diamond management team to assess the options for integrating the Diamond assets into Belron US," adds Feeney. "Then, it will be determined how best to move forward together."
The acquisition will give Belron US more retail locations, increased business capacity and improved customer service, the company added.
