LKQ Corp. will acquire Stahlgruber GmbH from Stahlgruber Otto Gruber AG for an enterprise value of approximately $1.7 billion. Headquartered in Germany, Stahlgruber is a 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 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,” said Dominick Zarcone, president and CEO of LKQ. “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.”
“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,” said John Quinn, CEO and managing director of LKQ Europe.
Stahlgruber’s 2017 annual revenue is estimated to be approximately $1.89 billion.
LKQ expects the transaction to be accretive to its adjusted diluted earnings per share during the first year after the closing.
