BURNABY, British Columbia--(BUSINESS WIRE)--Garry Skidmore, President of the Skidmore Group, has announced today that the company has agreed to sell Speedy Glass USA and Novus Glass locations to Fix Auto World.
Speedy Glass USA and Novus Glass provide auto, residential and commercial glass solutions in the United States and internationally. The sale offers an opportunity for both companies to achieve significant growth in their primary market channels. Novus Glass locations in British Columbia, Canada, are exempt from the transaction.
Speedy Glass USA and Novus Glass will benefit from Fix Auto World’s global market position, premium brand recognition, product portfolio, customer synergies, and strong alignment of culture and values. For Skidmore Group, this means accelerating the growth of its diversified investment portfolio.
Skidmore Group President Garry Skidmore is very positive about the opportunities created from this marriage of two of the best-known retail glass brands in the industry.
“Speedy Glass USA and Novus Glass are excited to play a key role in accelerating Fix Auto World’s growth strategy,” he states. “Joining forces with Fix Auto World will further enhance the brands' abilities to dominate the industry as innovative leaders in glass repair and solutions.”
The sale, which is expected to close on April 28th, 2017, allows Fix Auto World to strengthen their product offering and provide a total solution to the auto glass and collision market. Fix Auto World will benefit from Speedy Glass USA’s and Novus Glass' long-term position in the North American and international markets and their solid ties to a loyal customer base.
“The American region provides great opportunity for gaining market share based on our ability to offer enhanced solutions,” comments Steve Leal, President of Fix Auto World Canada. “The acquisition of Speedy Glass USA and Novus Glass represents a positive step forward for our customers.”
Since 2015, Caisse de dépôt et placement du Québec has worked with Fix Auto to stimulate its growth in new markets around the world. With this third investment, la Caisse is enabling Fix Auto to diversify its services. “Since our first investment, the company has tripled its number of franchises and developed five new markets. With its innovative business model and an agile management team that has demonstrated its strong ability to seize business opportunities, Fix Auto is now well-positioned to become a global leader in its industry,” said Christian Dubé, Executive Vice-President, Québec at la Caisse. “Given this success, in Québec and internationally, it made sense to invest once again in Fix Auto to facilitate its expansion.”
About Fix Auto World
Owned and operated locally, each Fix Auto centre offers hassle-free care and services that return vehicles to their pre-collision luster and performance. The Fix Auto Network continues to grow nationally and globally, thanks to a solid foundation based on entrepreneurship and innovation. With more than 550 locations around the world, Fix Auto is the global body shop network.
About Skidmore Group
For seventy years, Trans Canada Glass International (TCGI) revolutionized the windshield repair and replacement industry. Today, Skidmore Group is a diversified portfolio company for the subsidiary TCGI, and invests in retail, distribution and service businesses with a strong potential for accelerated growth.
For more information visit Skidmore Group’s website: www.skidmoregroup.com