XPEL Inc., a global provider of protective films and coatings, has agreed to acquire Protex Centre, the largest franchisee in the Protex Canada network. Closing is subject to customary conditions and is expected to occur on Feb. 1.
Protex Centre is a Montreal-based wholesale-focused paint protection film installation business, serving primarily dealerships with more than 20 employees and a 15-year operating history.
The acquisition is expected to add more than CAD$2.5 million in incremental revenue, excluding the approximately CAD$1 million in annual purchases by Protex Centre from XPEL. The company anticipates that the acquisition will be immediately accretive to its 2020 results of operations. The acquired business will combine physically and operationally with the Protex Pointe-Claire window film business acquired by XPEL in 2018, providing an integrated wholesale solution for a significant portion of the Montreal area.
Ryan Pape, president and CEO of XPEL, commented, “Protex Centre is one of the largest wholesale paint protection film installation businesses in the world and one of our single-largest individual customers. We are excited to add Protex Centre to our great team in Quebec.”
The purchase price was approximately CAD$3.25 million, funded from cash on hand and through the issuance of unsecured promissory notes payable to the sellers.