LKQ Corp Acquires PROFormance Power Train, Other Businesses
LKQ Corporation has acquired PROFormance Power Train – an engine remanufacturer with production facilities in Springfield, MO – as well as a number of other key businesses as part of an aggressive and ongoing growth strategy.
The acquired businesses facilitate the geographic expansion of LKQ’s operations across Canada, provide an entry into the engine remanufacturing industry, expand its wholesale collision product lines, and add new wholesale recycling and self-service retail locations. On a combined basis, the acquired businesses have annual revenue of approximately $100 million.
In addition to the acquisition of PROFormance, the other businesses include:
Cross Canada a leading aftermarket parts distributor to the collision industry with operations in five Canadian provinces: Alberta, British Columbia, Manitoba, Ontario and Saskatchewan;
SPI Distribution an aftermarket heating and cooling system parts distributor that specializes in radiators, air coolers and other related parts;
Best Bumper a large bumper remanufacturing facility in the Dallas, TX area;
Wholesale automotive recycling business serving the Norfolk and Virginia Beach, VA markets; and
Self-service retail recycling operation in Denver, CO.
“The transactions we announced today support our strategic priorities,” said Joseph Holsten, President and Chief Executive Officer of LKQ Corporation. “The acquisition of PROFormance integrates with our engine product line, harnessing one of our competitive strengths access to automotive drive-train equipment eligible to be rebuilt.
Combining the Canadian acquisitions with our existing operations in Canada provides LKQ with a geographic presence in each province from British Columbia to Quebec and forms the foundation for further expansion in Canada. The other transactions expand LKQ’s presence in related product lines including coolant and heating supplies, increase our bumper reconditioning capacity, and provide distribution points in new and existing markets.”
Holsten added, “We have been able to continue LKQ’s growth story and make meaningful acquisitions. So far this year we have completed a record number of acquisitions and will likely execute additional transactions before 2010 is over.”