NEW YORK--(BUSINESS WIRE)--One Equity Partners (“OEP“), a middle market private equity firm, today announced that it has signed a definitive agreement to acquire PGW Auto Glass (“PGW” or “the Company”), a distributor of aftermarket glass products for the North American automotive sector, from a subsidiary of LKQ Corporation (NASDAQ: LKQ). Terms of the transaction were not disclosed.
PGW has a long and rich history of serving automotive glass installers across North America. The Company’s over 900 employees have helped build industry leading, trusted customer service. OEP will partner with PGW management, led by Todd Fencak, who will take the role of CEO, to establish the Company as an independent business, ensure continuity for customers, suppliers and employees, and invest in exciting growth areas.
“We’re excited to partner with Todd and his team for the next chapter of the PGW story,” said Steve Lunau, Managing Director at OEP. “The North American auto glass sector is witnessing unprecedented levels of advancement and innovation. PGW, with a century-old reputation for industry leading quality customer service, is well positioned to accelerate into its next phase of growth and development as a standalone enterprise. OEP is ready to invest behind the PGW management team to help them tap into new and exciting trends in the sector.”
PGW has 113 facilities across the U.S. and Canada and has long term relationships with the largest suppliers to the North American aftermarket.
“OEP has a strong track record of building market-leading industrial companies through organic and inorganic investment initiatives that drive operational performance, add product capabilities and expand geographic reach,” said Fencak. “We are pleased to be partnering with OEP as we continue to further develop and grow the Company.”
The investment is expected to be completed in the second quarter of 2022 and is subject to regulatory approvals and customary closing conditions.
About One Equity Partners
OEP is a middle-market private equity firm focused on the industrial, healthcare, and technology sectors in North America and Europe. The firm builds market-leading companies by identifying and executing transformative business combinations. OEP is a trusted partner with a differentiated investment process, a broad and senior team, and an established track record generating long-term value for its partners. Since 2001, the firm has completed more than 180 transactions worldwide. OEP, founded in 2001, spun out of JP Morgan in 2015. The firm has offices in New York, Chicago, and Frankfurt. For more information, please visit www.oneequity.com.
PGW Auto Glass is the largest independent distributor of aftermarket glass for the North American automotive sector. Headquartered in Pennsylvania, the Company utilizes a fleet of 500 customized glass delivery vehicles to distribute windshields, tempered glass, and sundries to over 9,000 installation customers. PGW employs over 900 people in 113 facilities across the U.S. and Canada. For more information, please visit www.pgwautoglass.com
About LKQ Corporation
LKQ Corporation is a leading provider of alternative and specialty parts to repair and accessorize automobiles and other vehicles. LKQ has operations in North America, Europe and Taiwan. LKQ offers its customers a broad range of original-equipment recycled and aftermarket parts, replacement systems, components, equipment, and services to repair and accessorize automobiles, trucks, and recreational and performance vehicles. For more information, please visit https://www.lkqcorp.com/.