LKQ Corp. Finalizes Acquisition of German Parts Distributor
LKQ Corp. has completed its acquisition of STAHLGRUBER GmbH, a Germany headquartered wholesale distributor of aftermarket spare parts for passenger cars, tools, capital equipment and accessories.
STAHLGRUBER has operations also set up in Eastern Europe, Italy, and Switzerland. The company’s facilities include 188 sales centers, and a 1.4-million square foot advanced logistics center in Germany, serving more than 100,000 professional clients and offering over 500,000 SKUs.
“This transaction demonstrates our ongoing commitment to expand our European footprint,” said Dominick Zarcone, president and CEO of LKQ Corp. “With an impressive track record of growth and an industry leading management team, STAHLGRUBER clearly fits our strategic and acquisition criteria. We believe that STAHLGRUBER’s leading market position in Germany, unparalleled distribution network and unique value proposition will play a pivotal role in our efforts to grow LKQ’s business in Europe.”
The European Commission cleared the transaction on May 4, with the exception of the wholesale business of STAHLGRUBER in the Czech Republic, which was referred for review to the Czech Competition Authority. Accordingly, the business of STAHLGRUBER in the Czech Republic will be temporarily retained by the seller. LKQ will acquire these operations subject to the approval of the Czech Republic’s Competition Authority.
“With this transaction STAHLGRUBER Otto Gruber AG has implemented its first major step to diversify its portfolio,” said Heinz Reiner Reiff, CEO of STAHLGRUBER Otto Gruber. “We believe the merger of STAHLGRUBER’s businesses with LKQ provides a long term secure home for the businesses and our employees, which will benefit our many constituents. We are pleased to become a major stockholder of LKQ and look forward to its continued success.”