CHICAGO — LKQ Corp. said it completed seven acquisition transactions in the third quarter. The combined annual revenue for the acquired businesses is approximately $115 million.
Commenting on the acquisitions, Joseph Holsten, president and CEO of LKQ Corp., stated, "The environment for acquisitions is very good for LKQ. In addition to the transactions we have completed so far this quarter, we continue to see opportunities for other tuck-in and synergistic businesses."
The company says these acquisitions improve LKQ’s wholesale aftermarket and recycled parts distribution in a number of markets including Philadelphia and Cincinnati. The acquisitions also increase the company’s production capacity for the refinishing of aluminum wheels and expand its paint distribution in the Boston metropolitan market.
Holsten commented, "With these acquisitions we gain strategic capacity in the Philadelphia and Cincinnati markets and with additional paint and refinished wheels businesses we continue to expand our portfolio of products so we can better serve our customers in the automotive repair industry. Although approximately 40 percent of the revenue acquired relates to lower margin scrap aluminum sales, we purchased this business to obtain access to additional cores for our reconditioned wheel operations. LKQ is on pace to complete a record number of deals this quarter. We expect that integration of these acquired businesses will take us through the fourth quarter of this year, and we expect to enjoy the benefits in 2011 and beyond."