CHICAGO — LKQ Corp. this week announced that it has completed a number of key transactions since the start of the fourth quarter of 2010. The company said the newly acquired businesses facilitate the geographic expansion of LKQ’s operations across Canada, provide an entry into the engine remanufacturing industry, expand its wholesale collision product lines and add new wholesale recycling and self-service retail locations.
On a combined basis, the acquired businesses have annual revenue of approximately $100 million.
The acquisitions include:
• Cross Canada – an aftermarket parts distributor to the collision industry with operations in five Canadian provinces: Alberta, British Columbia, Manitoba, Ontario and Saskatchewan;
• PROFormance Power Train – an engine remanufacturer with production facilities in Springfield, Mo.;
• SPI Distribution – an aftermarket heating and cooling system parts distributor that specializes in radiators, air coolers and other related parts;
• Best Bumper – a large bumper remanufacturing facility in the Dallas, Texas, area;
• Wholesale automotive recycling business serving the Norfolk and Virginia Beach, Va., markets; and
• Self-service retail recycling operation in Denver, Colo.
Joseph Holsten, president and CEO of LKQ, stated, "The transactions we announced today support our strategic priorities. Combining the Canadian acquisitions with our existing operations in Canada provides LKQ with a geographic presence in each province, from British Columbia to Quebec and forms the foundation for further expansion in Canada. The acquisition of PROFormance integrates with our engine product line, harnessing one of our competitive strengths – access to automotive drive-train equipment eligible to be rebuilt. The other transactions expand LKQ’s presence in related product lines including coolant and heating supplies, increase our bumper reconditioning capacity, and provide distribution points in new and existing markets."
Holsten added that LKQ has completed a record number of acquisitions this year, and will likely execute additional transactions before 2010 is over.
