LKQ Corporation Acquires Northeast Aftermarket Businesses
CHICAGO, Jan. 3, 2006 -- LKQ Corporation today announced that it acquired on December 31, 2005 Fit-Rite Body Parts and its affiliated companies that include Accu-Parts, B & D Automotive International, Pennsylvania Collision Parts and Fit Master Body Parts. Fit- Rite operates in the aftermarket collision automotive replacement parts business.
Fit-Rite has approximately 200 employees and seven warehouses that serve markets in northern New Jersey, New York City and Albany, NY, Pittsburgh and the state of Connecticut. Fit-Rite's revenue for the first ten months of 2005 was approximately $39.6 million. We paid approximately $37.0 million in cash, notes and certain assumed liabilities for these businesses. We are obligated to pay the sellers up to an additional $9.0 million of contingent payments based on the achievement of certain financial results of our aftermarket business over the next thirty months.
"This is a significant acquisition for us that expands our aftermarket business into new and important geographic market areas," said Joe Holsten, LKQ's President and Chief Executive Officer. "These businesses have strong market positions and the resources to further expand into some of the most heavily populated areas of the country."
About LKQ Corporation
LKQ Corporation is the largest nationwide provider of recycled light vehicle OEM products and related services and the second largest nationwide provider of aftermarket collision replacement products. LKQ operates over 100 facilities offering its customers a broad range of replacement systems, components, and parts to repair light vehicles.