Quantcast
Jump to content

  • Welcome to Auto Parts Forum

    Whether you are a veteran automotive parts guru or just someone looking for some quick auto parts advice, register today and start a new topic in our forum. Registration is free and you can even sign up with social network platforms such as Facebook, Twitter, Google, and LinkedIn. 

     

LKQ Corporation Announces Agreement to Acquire Stahlgruber GmbH


APF

Recommended Posts

LKQ Corporation Announces Agreement to Acquire Stahlgruber GmbH

 
December 11, 2017
link hidden, please login to view

CHICAGO, Dec. 11, 2017 (GLOBE NEWSWIRE) -- LKQ Corporation (Nasdaq:LKQ) has signed a definitive agreement to acquire Stahlgruber GmbH (“Stahlgruber”) from Stahlgruber Otto Gruber AG for an enterprise value of approximately €1.5 billion. Headquartered in Germany, Stahlgruber is a leading European wholesale distributor of aftermarket spare parts for passenger cars, tools, capital equipment and accessories with operations in Germany, Austria, the Czech Republic, Italy, Slovenia, and Croatia with further sales to Switzerland. Stahlgruber’s facilities include 228 sales centers, six warehouses, and an approximately 128,000 square meter advanced logistics center that is strategically located in Germany, serving more than 100,000 professional clients and offering over 500,000 SKUs.

LKQ expects to complete the transaction late in the first quarter or early in the second quarter of 2018, subject to required regulatory approvals.

“This transformative acquisition solidifies LKQ as a leading Pan-European aftermarket mechanical parts distributor, and further enhances our global diversification strategy,” stated Dominick Zarcone, President and Chief Executive Officer of LKQ Corporation. “Stahlgruber has a history of delivering above-market growth and its stellar industry reputation is an ideal fit with our culture; we are extremely proud to welcome the approximately 6,600 Stahlgruber employees to the LKQ family. Importantly, we believe that our combined efforts will create tremendous long-term value for our customers and stockholders and growth opportunities for our collective team members.” 

John S. Quinn, Chief Executive Officer and Managing Director of LKQ Europe, commented: “Stahlgruber will create a contiguous footprint and serve as an additional strategic hub for our European operations, allowing for continued improvement in procurement, logistics and infrastructure optimization. The LKQ Europe management team and I look forward to working with Stahlgruber’s management team and leveraging our combined best practices to maximize the benefits of scale across the continent.”

Heinz Reiner Reiff, Chief Executive Officer of Stahlgruber Otto Gruber AG, commented: “This combination is a natural fit for both LKQ and Stahlgruber. I am very excited about the meaningful benefits that will occur by combining our complementary cultures and industry leading management, which together position Stahlgruber to achieve the continued growth of its European businesses. Our acceptance of LKQ shares as part of the consideration emphasizes our belief in the value of this combination.”

Stahlgruber’s 2017 annual revenue is estimated to be approximately €1.6 billion. LKQ expects the transaction to be accretive to its adjusted diluted earnings per share during the first year after the closing. These projected results exclude amortization of acquired intangibles, restructuring and acquisition related expenses.

LKQ intends to finance the acquisition with the proceeds from planned debt offerings, borrowings under its existing revolving credit facility and the direct issuance to Stahlgruber’s owner of 8,055,569 newly issued shares of LKQ common stock. As of December 1, 2017, LKQ had approximately $1.4 billion of available borrowing capacity under its recently amended credit facility.

Bank of America Merrill Lynch and Credit Suisse are acting as financial advisors, Baker McKenzie (Germany) is acting as M&A counsel, and K&L Gates (Chicago) is acting as U.S. securities counsel, to LKQ Corporation. Deutsche Bank is serving as the exclusive financial advisor, and Hengeler Mueller is providing legal counsel, to Stahlgruber’s owner.

Non-GAAP Financial Measures

Management’s presentation on the conference call will refer to non-GAAP financial measures within the meaning of Regulation G promulgated by the Securities and Exchange Commission. Included with management’s presentation are reconciliations of each non-GAAP financial measure with the most directly comparable financial measure calculated in accordance with GAAP.

Conference Call Details

LKQ will host a conference call and webcast on December 11, 2017 at 11:00 a.m. Eastern Time (10:00 a.m. Central Time) with members of senior management to discuss the pending acquisition of Stahlgruber. To access the investor conference call participants may dial (844) 579-6824 or for international access (763) 488-9145 and reference conference ID 9595099.

Webcast and Presentation Details

The audio webcast and accompanying slide presentation can be accessed at www.lkqcorp.com in the Investor Relations section.

A replay of the conference call will be available by telephone at (404) 537-3406 or (855) 859-2056 for international calls. The telephone replay will require you to enter conference ID: 9595099#. An online replay of the audio webcast will be available on LKQ’s website. Both formats of replay will be available through December 29, 2017. Please allow approximately two hours after the live presentation before attempting to access the replay.

About LKQ Corporation

LKQ Corporation (

link hidden, please login to view
) 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 replacement systems, components, equipment and parts to repair and accessorize automobiles, trucks, and recreational and performance vehicles.

Forward Looking Statement

Statements and information 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 such Act.

Forward-looking statements include, but are not limited to, statements regarding our outlook, guidance, expectations, beliefs, hopes, intentions and strategies. These statements are subject to a number of risks, uncertainties, assumptions and other factors including those identified below.  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 in the forward-looking statements. The risks, uncertainties, assumptions and other factors that could cause actual results to differ from the results predicted or implied by our forward-looking statements include, among others, the expected timetable for completing the transaction; the receipt of regulatory approvals for the transaction without unexpected delays or conditions; the failure to realize, or delays in realizing, growth projections, synergies and cost-savings from the transaction; competitive responses to the transaction; and other factors discussed in our filings with the SEC, including those disclosed under the captions “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 year ended December 31, 2016 and in our subsequent Quarterly Reports on Form 10-Q. These reports are available on our investor relations website at lkqcorp.com and on the SEC website at sec.gov.

Joseph P. Boutross-LKQ Corporation
Director, Investor Relations 

link hidden, please login to view

(312) 621-2793

link hidden, please login to view

 

Source: LKQ Corporation
Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

  • Similar Topics

    • By AutoZone
      MEMPHIS, Tenn. , March 30, 2023 (GLOBE NEWSWIRE) -- AutoZone, Inc. (NYSE: AZO), today announced that Jenna Bedsole will join the Company as Senior Vice President, General Counsel and Secretary, Customer Satisfaction. Jenna will come to AutoZone from Baker Donelson where she served as managing
      link hidden, please login to view
    • By Counterman
      MEMA, The Vehicle Suppliers Association, announced the members of the steering committee of the Center for Sustainability, launched in January.
      Committee members were selected to represent the diverse membership of the organization, covering automotive and commercial vehicle, original equipment and aftermarket, large and small companies, and the remanufacturing community.

      Members of the steering committee will provide guidance and oversight for the center’s leadership. In addition, they will support the programming that will be developed for the benefit of all member companies in the organization.

      “We are thrilled to have the commitment of these outstanding industry executives as we take the Center for Sustainability from concept to reality,” said John Chalifoux, chief sustainability officer, MEMA, following the inaugural meeting of the steering committee. “I look forward to working with the committee members who will continue to provide their expertise and a balanced perspective for all MEMA members.”

      The 10 executives serving on the MEMA Center for Sustainability steering committee are: 
      Marc Blackman, president and CEO, Gold Eagle, and MEMA chairman Ed Edwards, president and CEO, Circuit Board Medics Maureen Klein, vice president, public affairs and sustainability, Pirelli Tire North America Jill Kupcak, corporate office of sustainability and EHS, North America Region, Robert Bosch LLC Brian Lewallen, president, aftermarket solutions, Daimler Truck North America Santosh Singh, senior vice president, human resources, legal, government relations and corporate communications, North America, DENSOe Volker Weng, president and general manager, drivetrain and battery systems, BorgWarner Shawn Zwicker, global recon general manager, Cummins Bill Long, president and CEO, MEMA John Chalifoux, chief sustainability officer, MEMA, and COO, MEMA Aftermarket Suppliers Learn more about the Center for Sustainability 
      link hidden, please login to view.  The post
      link hidden, please login to view appeared first on link hidden, please login to view.
      link hidden, please login to view
    • eManualonline.com - Save 5% OFF on orders Over $50, Use Code Blaze. Ends 12/31/22.
    • By Counterman
      Repairify and Autel U.S. announced an exclusive long-term collaboration agreement for the delivery of Repairify’s patented global OEM remote solutions for diagnostics, calibrations and programming through Autel’s remote-capable products across North America.
      As part of the agreement, Repairify will integrate its patented global remote diagnostic, calibration and programming solutions as a new service offering into a revised version of Autel’s Remote Expert platform. Repairify and Autel will jointly manage the platform that now will offer customers the choice of using the certified and warrantied OEM remote solutions from Repairify, along with the independent Remote Experts (vetted for their experience) who already are serving the platform.
      Launched in 2022, Autel’s Remote Expert provides customers onsite aftermarket scanning and access to remote OEM tools supported by experienced professionals. Remote Expert is available through the Autel MaxiSYS Ultra, Ultra EV, MS919, MS909 and MS909 EV diagnostics tablets. Remote Expert also will be expanded into Autel’s ADAS calibration systems. 
      “We are excited to enter into this collaboration with Repairify,” Autel U.S. CEO Chloe Hung said. “Autel developed the Remote Expert platform to provide our users remote access to specialized and experienced module programmers and diagnosticians. We are very proud that its success drew the attention of a company of such quality and industry success as Repairify. We are confident that this partnership will benefit both companies and, most importantly, be of immense value to our users.”
      According to the companies, combining the Repairify remote services solutions program with the Autel Remote Expert Platform delivers what automotive repair professionals have requested for years: a seamless experience that delivers fast, accurate, certified and safe vehicle repairs with the choice of aftermarket or OEM tool support.   
      “Since its launch into the North American market in 2005, Autel has been known for their consistent delivery of leading innovative solutions across the mechanical and collision markets,” said Cris Hollingsworth, president of Repairify Global Holdings. “Repairify is honored to embark on this partnership and to broaden the reach of our solutions through the new and existing Autel network of customers.” For additional information, visit
      link hidden, please login to view. The post
      link hidden, please login to view appeared first on link hidden, please login to view.
      link hidden, please login to view

×
  • Create New...