SAN ANTONIO, Texas--(BUSINESS WIRE)--XPEL Technologies Corp. (TSXV:DAP.U) has announced the acquisition of certain assets of Connectin Europe, B.V. and the concurrent establishment of XPEL B.V., in Tilburg, Netherlands to serve as a sales, distribution, training and design center in mainland Europe for automative paint protection film, headlight protection film, automotive window film and related products.
Ryan Pape, President and Chief Executive Officer of XPEL, commented, “Connectin has been a long-term partner for XPEL and this acquisition is a natural next step to further strengthen our presence in Europe and advance our strategy to get close to our end customers in key international markets. This acquisition complements our existing U.K. facility and broadens our footprint, capabilities and brand recognition in the strategically important European market.”
Europe is recognized as the epicenter of luxury car production and important to the long-term growth of XPEL as the manufacturers of a majority of the cars that XPEL’s products protect are located on the continent.
Mr. Pape continued, “We believe the addition of our Netherlands operation will enable us to better leverage our existing relationships with dealerships and other distribution partners across Europe to grow market share and broaden awareness of the XPEL brand.”
Terms of the acquisition were not disclosed.
About XPEL Technologies Corp.
XPEL is the leading supplier of automotive paint and headlamp protection films with over 70,000 vehicle-specific applications and a worldwide network of trained installers. XPEL is the developer of the Design Access Program software, and manufacturer of XPEL™ Automotive Paint and Headlamp Protection Products. XPEL has forged the cutting-edge of automotive protection technology, and leads the industry in quality, technical support and customer service.
Additional information can be found on the Company's website at www.xpel.com.
Safe harbor statement
This release includes forward-looking statements regarding XPEL Technologies Corp. and its business, which may include, but is not limited to, anticipated use of proceeds from capital transactions, expansion into new markets, and execution of the company's growth strategy. Often, but not always, forward-looking statements can be identified by the use of words such as "plans," "is expected," "expects," "scheduled," "intends," "contemplates," "anticipates," "believes," "proposes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may," "could," "would," "might" or "will" be taken, occur or be achieved. Such statements are based on the current expectations of the management of XPEL. The forward-looking events and circumstances discussed in this release may not occur by certain specified dates or at all and could differ materially as a result of known and unknown risk factors and uncertainties affecting the company, performance and acceptance of the company's products, economic factors, competition, the equity markets generally and many other factors beyond the control of XPEL. Although XPEL has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and XPEL undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.