LKQ Corporation announced it has sold GSF Car Parts (“GSF”) to Epiris Fund III (“Epiris”), a private-equity fund based in the United Kingdom. The divestiture fulfills LKQ’s undertaking to the UK’s Competition and Markets Authority to sell the GSF business in connection with LKQ’s acquisition of Uni-Select Inc.

“The proceeds from the sale of GSF will be utilized to reduce our total debt, putting us in a better position to begin implementing a more balanced capital allocation strategy, which includes share repurchases,” said Rick Galloway, LKQ senior vice president and chief financial officer.

Terms of the transaction were not disclosed.