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LKQ Corporation Announces Inaugural 'LKQ Cares Holiday Vote' Charitable Program
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By Counterman
link hidden, please login to view announced that Jeff Koviak will assume the role of CEO effective January 1, 2025, replacing retiring CEO Larry Pavey.
link hidden, please login to view is a joint partnership between the Federated Alliance and The Pronto Network, and is made up of 300 member companies with over 5,000 locations and 80,000 employees primarily in North America. In his new role, Koviak will be dedicated to driving strategic initiatives for The Group membership that “will maximize future revenue growth while simultaneously streamlining internal systems and resources to reduce redundancy throughout the organizations,” according to a news release announcing his appointment.
“We feel Jeff is the ideal candidate to move The Group toward the original goal of strategically unifying the traditional aftermarket partners while still respecting the unique strengths that each of the individual groups offer in their marketplace,” said Sue Godschalk, president of Federated Auto Parts.
“Jeff comes to us with an exceptional background,” added Robert Roos, president and CEO of The Pronto Network. “During his 30-year career at Tenneco/DRiV, he built strong, long-term, trusting relationships with all of our members, and we are excited to have him join forces with our teams.”
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By Counterman
Standard Motor Products, Inc. announced the continued expansion of its Ignition Coil program. Standard and Blue Streak offer more than 700 Coils, with new numbers added each month. Blue Streak by Standard Ignition Coils are available in multi-packs for a complete coil service, the company said.
In a news release announcing the program expansion,
link hidden, please login to viewexplained that it evaluates the original part, identifies the OE issues, and corrects those problems to deliver improved reliability. For instance, ignition coils on the Ford 4.6L engine generate too much heat, leading to premature failure. To solve this issue, Blue Streak by Standard FD503 Ignition Coils were redesigned with two additional bobbin segments to better distribute the energy, resulting in less heat and a longer service life. Many popular OE coils use a two-piece design requiring an O-ring that breaks down over time, allowing moisture to enter the coil and cause failure. Standard said it created a sealed, one-piece design that doesn’t require an O-ring, eliminating the risk of moisture intrusion. Recently released Standard Coils introduce coverage for the 2023-21 Ford F-150, 2023-20 Subaru Legacy and Outback, and 2022-19 Mercedes-Benz cars and SUVs. Additional new coverage includes popular vehicles like the 2024-22 Volkswagen Jetta and Taos, 2024-23 Ford Super Duty trucks, and the 2020-15 Alfa Romeo 4C. Currently, 15 Blue Streak Ignition Coil Multipacks are available for popular vehicles, with additional applications in development.
“Our Ignition Coil program is the most comprehensive in the industry,” said John Herc, vice president of vehicle control marketing at SMP. “We’re dedicated to continuously expanding our coverage with coils of the highest quality and best performance to meet the demands of professional technicians.”
All new Standard and Blue Streak Ignition components are listed in the catalog found at
link hidden, please login to view, and in electronic catalog providers. The post
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By Counterman
link hidden, please login to view. announced that it has entered into a definitive agreement to sell link hidden, please login to view, to funds managed by global investment firm Carlyle for $1.5 billion in cash. The transaction is expected to close before the end of the year. “We are pleased to announce the sale of the Worldpac business,” said Shane O’Kelly, president and chief executive officer. “The sale enables our team to sharpen their focus on decisive actions to turn around the Advance blended box business. Proceeds from the transaction will provide greater financial flexibility as we continue our strategic and operational review to improve the productivity of the company’s remaining assets and better position the company for future growth and value creation. On behalf of everyone at
link hidden, please login to view, I would like to thank the more than 5,000 Worldpac team members for their dedication over the last ten years.” “We are excited to partner with Worldpac, a great business operating in attractive markets,” said Wes Bieligk, a Partner, and Katherine Barasch, a senior member of Carlyle’s Global Industrials investing team. “Our proven track record in executing complex carve-outs position us uniquely to support Worldpac and its team as an independent company.” Carlyle’s investment in Worldpac builds on the firm’s extensive carve-out experience in the Industrials sector, having invested ~$13 billion in industrial carve-outs over the past two decades, including in such companies as Axalta, Nouryon, Atotech, Signode, and Allison Transmission.
Transaction Details
Over the last 12 months, at the end of the second quarter of 2024, the Worldpac business generated approximately $2.1 billion in revenue and approximately $100 million in EBITDA. Advance expects net proceeds of approximately $1.2 billion after taxes and transaction fees. The post
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