CHICAGO, March 14, 2022 (GLOBE NEWSWIRE) — LKQ Corporation today announced that it has entered into a definitive agreement to sell PGW Auto Glass, a distributor of aftermarket glass to the North American automotive sector, to One Equity Partners. The transaction is expected to be completed during the second quarter of 2022 and is subject to customary closing conditions and necessary regulatory approvals.
Dominick Zarcone, President and Chief Executive Officer of LKQ, stated, “This divestiture reinforces our ongoing commitment to review our portfolio of businesses, rationalize our asset base, and divest non-core businesses. We are confident that the PGW management team, in partnership with OEP, will continue to deliver great outcomes for PGW’s customers. We wish them both continued success in the future.”
LKQ will report the financial information for the PGW glass distribution business through the closing date in the continuing operations section of its financial statements. PGW generated almost $400 million of revenue and its EBITDA margin was approximately 10% in 2021.
BofA Securities is acting as financial advisor to LKQ Corporation on this transaction. Terms of the transaction were not disclosed.
About LKQ Corporation
LKQ Corporation (www.lkqcorp.com) is a leading provider of alternative and specialty parts to repair and accessorize automobiles and other vehicles. LKQ has operations in North America, Europe and Taiwan. LKQ offers its customers a broad range of OEM recycled and aftermarket parts, replacement systems, components, equipment, and services to repair and accessorize automobiles, trucks, and recreational and performance vehicles.