CHICAGO — LKQ Corp. has acquired Northeastern U.S. aftermarket business Fit-Rite Body Parts and its affiliated companies, including Accu-Parts, B & D Automotive International, Pennsylvania Collision Parts and Fit Master Body Parts. Fit-Rite operates in the aftermarket collision automotive replacement parts business.
Fit-Rite has approximately 200 employees and seven warehouses that serve markets in northern New Jersey, New York City and Albany, NY, Pittsburgh and the state of Connecticut. Fit-Rite’s revenues for the first 10 months of 2005 were approximately $39.6 million. LKQ paid approximately $37 million in cash, notes and certain assumed liabilities for these businesses. The company said it is obligated to pay the sellers up to an additional $9 million of contingent payments based on the achievement of certain financial results of LKQ’s aftermarket business over the next 30 months.
“This is a significant acquisition for us that expands our aftermarket business into new and important geographic market areas,” said Joe Holsten, LKQ’s president and CEO. “These businesses have strong market positions and the resources to further expand into some of the most heavily populated areas of the country.”
LKQ is the largest nationwide provider of recycled light vehicle OEM products and related services and the second largest nationwide provider of aftermarket collision replacement products. The company operates more than 100 facilities offering its customers a broad range of replacement systems, components and parts to repair light vehicles.
_______________________________________
Click here to view the rest of today’s headlines.
