LKQ Corporation agrees to sell PGW’s automotive glass business to One Equity Partners
Chicago, IL (March 14, 2022) — LKQ Corporation (Nasdaq: LKQ) today announced that it has entered into a definitive agreement to sell PGW Auto Glass (“PGW”), a distributor of aftermarket automotive glass American, to One Equity Partners. The transaction is expected to close in the second quarter of 2022 and is subject to customary closing conditions and necessary regulatory approvals.
Dominick Zarcone, President and CEO of LKQ, said: “This divestment reinforces our ongoing commitment to review our business portfolio, 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 excellent results for PGW customers. We wish them both continued success in the future.
LKQ will present the financial information of the PGW glass distribution business up to the closing date in the continuing operations section of its financial statements. PGW generated nearly $400 million in revenue and its EBITDA margin was around 10% in 2021.
BofA Securities is acting as financial advisor to LKQ Corporation in connection with this transaction. Terms of the transaction were not disclosed.
About LKQ Corporation
LKQ Corporation (www.lkqcorp.com) is a leading supplier 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 wide range of remanufactured OEM parts and replacement parts, replacement systems, components, equipment and services to repair and accessorize automobiles, trucks and recreational and performance vehicles.
Statements and information contained in this press release that are not historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are made pursuant to the “safe harbor” provisions of that act. Forward-looking statements include, but are not limited to, statements regarding our outlook, advice, expectations, beliefs, hopes, intentions and strategies. These statements are subject to a number of risks, uncertainties, assumptions and other factors that may cause our actual results, performance or achievements to be materially different. All forward-looking statements are based on information available to us at the time the statements are made. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. You should not place undue reliance on our forward-looking statements. Actual events or results may differ materially from those expressed or implied by the forward-looking statements. The risks, uncertainties, assumptions and other factors that could cause
results that differ from those anticipated or implied by our forward-looking statements include factors discussed in our SEC filings (which are available on our investor relations website at lkqcorp.com and on the SEC’s website to sec.gov), including those disclosed under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021, as well as the following factor:
• the receipt of regulatory approvals for the transaction and the satisfaction or waiver of all other closing conditions without unforeseen delays or conditions.
Joseph P. Boutross
Vice President, Investor Relations