LKQ Corp., parent company of NTP-Stag, entered into a definitive agreement to sell PGW Auto Glass, a distributor of aftermarket glass to the North American automotive sector.
The agreement will sell PGW Auto Glass to One Equity Partners, a private-equity firm. The transaction is expected to be completed during the second quarter of 2022 and is subject to customary closing conditions and necessary regulatory approvals.
“This divestiture reinforces our ongoing commitment to review our portfolio of businesses, rationalize our asset base, and divest non-core businesses,” said Dominick Zarcone, LKQ president and CEO. “We are confident that the PGW management team, in partnership with OEP, will continue to deliver great outcomes for PGW’s customers. We wish them both continued success in the future.”
PGW generated almost $400 million of revenue and its EBITDA margin was about 10% in 2021, LKQ stated.
BofA Securities is acting as financial advisor to LKQ Corp. on this transaction. Terms of the transaction were not disclosed.
