One Equity Partners (OEP), a middle-market private equity firm, has signed a definitive agreement to acquire PGW Auto Glass, a distributor of aftermarket glass products for the North American automotive sector, from a subsidiary of LKQ Corp. Terms of the transaction were not disclosed.
PGW has a long history of serving automotive glass installers across North America. The company’s more than 900 employees have helped build industry-leading, trusted customer service, the company says. OEP will partner with PGW management, led by Todd Fencak, who will take the role of CEO, to establish the company as an independent business, ensure continuity for customers, suppliers and employees, and invest in exciting growth areas.
“We’re excited to partner with Todd and his team for the next chapter of the PGW story,” said Steve Lunau, managing director at OEP. “The North American auto glass sector is witnessing unprecedented levels of advancement and innovation. PGW, with a century-old reputation for industry-leading quality customer service, is well-positioned to accelerate into its next phase of growth and development as a standalone enterprise. OEP is ready to invest behind the PGW management team to help them tap into new and exciting trends in the sector.”
PGW has 113 facilities across the U.S. and Canada and has long-term relationships with the largest suppliers to the North American aftermarket.
“OEP has a strong track record of building market-leading industrial companies through organic and inorganic investment initiatives that drive operational performance, add product capabilities and expand geographic reach,” said Fencak. “We are pleased to be partnering with OEP as we continue to further develop and grow the company.”
The investment is expected to be completed in the second quarter of 2022 and is subject to regulatory approvals and customary closing conditions.
