LKQ Corporation, the largest provider of aftermarket and recycled collision replacement parts and refurbished collision replacement products in the US and Canada, has acquired Euro Car Parts for £225 million.
In addition, the purchase agreement provides that the purchase price could increase by up to a further £55 million if Euro Car Parts meets certain growth targets.
Sukhpal Singh Ahluwalia, chairman and managing director of Euro Car Parts, said: “LKQ Corporation is arguably the most dynamic and successful company in the North American automotive aftermarket for collision parts.
“They have a dedicated and focused management team which has built an innovative company with a very strong work ethic. We feel very much in tune with this culture and with our new colleagues, all of whom have many years of experience in this business.”
LKQ Corporation has made over 120 acquisitions, large and small, during the past 14 years and Euro Car Parts is their second largest ever acquisition and their first outside of North America.
LKQ Corporation’s formula is to back existing management teams and to help them realise their market potential. This will also be the case with Euro Car Parts.
Over the past 12 months, Euro Car Parts has opened a brand-new 500,000 sq ft national distribution centre, nine regional hubs and several new branches.
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