An email has been sent to your address with instructions for changing your password.
There is no user registered with this email.
Sign Up
To create a free account, please fill out the form below.
Thank you for signing up!
A confirmation email has been sent to your email address. Please check your email and follow the instructions in the message to complete the registration process. If you do not receive the email, please check your spam folder or contact us for assistance.
Welcome to our platform!
Oops!
Something went wrong while trying to create your new account. Please try again and if the problem persist, Email Us to receive support.
One Equity Partners has signed a definitive agreement to acquire PGW Auto Glass, a distributor of aftermarket glass products, from LKQ Corporation. The transaction aims to enhance PGW's position in the North American automotive sector, leveraging OEP's investment to drive operational improvements and growth. PGW employs over 900 staff across 113 facilities in the U.S. and Canada, boasting strong supplier relationships. The deal is expected to close in the second quarter of 2022, pending regulatory approvals.
Positive
PGW's acquisition is set to enhance its operational capabilities and market reach.
The partnership with OEP aims to accelerate growth and investment in new trends in the auto glass sector.
PGW has established long-term relationships with major suppliers in North America.
Negative
None.
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.
About PGW
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/.
What is the acquisition of PGW Auto Glass by One Equity Partners?
One Equity Partners has signed an agreement to acquire PGW Auto Glass from LKQ Corporation, focusing on enhancing PGW's operations and market position in the North American automotive sector.
When is the expected completion date for the PGW Auto Glass acquisition?
The acquisition is expected to be completed in the second quarter of 2022, subject to regulatory approvals.
How many employees does PGW Auto Glass have?
PGW Auto Glass employs over 900 people across 113 facilities in the U.S. and Canada.
What role will Todd Fencak play in PGW Auto Glass after the acquisition?
Todd Fencak will continue as CEO of PGW Auto Glass, partnering with One Equity Partners to drive the company's growth.
What is the strategic importance of the acquisition for PGW Auto Glass?
The acquisition is poised to position PGW as a standalone entity with enhanced growth potential and increased investment in innovation and customer service.
