BURNABY, British Columbia--(BUSINESS WIRE)--Garry Skidmore, President of the Skidmore Group, has announced today that the Skidmore Group has completed the sale of Speedy Auto Glass USA Inc. and Novus Inc. and other assets including Novus Franchising Inc., TCGI Australia PTY Ltd., TCGI (Jersey) Ltd., Windshields.com Inc., Transamerica Glass Inc., Splashes Auto Spa Inc., Shat R Proof Corp. and Windshield Doctor Canada Ltd. to Fix Auto World.
The divestiture of Speedy Glass and Novus Glass primes Skidmore to invest in North American retail, distribution and service businesses with a strong potential for accelerated growth. Notably, in 2015 Skidmore Group divested 15% of its shares from GLENTEL Inc. (Wirelesswave, Tbooth, Allphones, Diamond Wireless) in a transaction that saw Bell Canada Enterprises (BCE Inc.) take the multinational private for $594 million, in-turn selling 50% of its shares to Rogers Communications Inc.
“Skidmore has evolved over the past 18 to 24 months, and taken actions designed to reflect evolving leadership and strategic portfolio change,” said Rick Christiaanse, Chief Commercial Officer. “The sale of Novus Glass and Speedy Glass which spans more than 2000 locations across 25 countries, will allow Skidmore Group to concentrate on initiatives that support our vision of buying good companies and building them to be great. Moreover, the divestiture of our glass division will allow us to generate stronger cash flow and higher margins at Skidmore Group’s core investment business.”
The strategic decision to divest the glass business reflects Skidmore’s focus on initiatives that lead the company’s merger and acquisition strategy.
Skidmore announced on April 4, 2017, that it had agreed to sell Speedy Glass USA and Novus Glass to Fix Auto World. Fix Auto is a privately held company based in Montreal, Canada and is recognized as a market leader in 9 countries and having a repair network of 700 locations. Backed by the Caisse de dépôt et placement du Québec who holds $270.7 billion in net assets, Fix Auto has been able to stimulate its growth in new markets around the world.
Skidmore will work with Fix Auto to successfully transition Speedy Glass USA and Novus Glass to give customers and partners a seamless transition to new ownership. Customers can expect the same level of client care with support teams remaining intact.
About Skidmore Group
The Skidmore team is a family enterprise that turns good businesses into great companies. We believe in the entrepreneurial spirit and creating value from collaboration, commitment to excellence and the process of innovation. In partnering with Skidmore, companies benefit from 70 years of deep operational experience and financial resources to transform results.
For more information visit Skidmore Group’s website: www.skidmoregroup.com