Euro Car Parts’ parent company LKQ Corporation has entered an agreement to acquire Stahlgruber GmbH in a deal valued at roughly €1.5bn.
Stahlgruber is one of Germany’s largest factor chains and, as was discussed at last week’s IAAF conference, it was known to be for sale.
A report in the October issue of CAT highlighted how Stahlgruber recently invested in a vast automatic warehouse using robotics from TGW Logistics. The firm has over 500,000 SKUs and 100,000 clients on its books.
LKQ plans to complete the deal in March or April of next year, subject to usual regulatory approvals.
John S. Quinn CEO of LKQ said: “The LKQ Europe management team and I look forward to working with Stahlgruber’s management team and leveraging our combined best practices to maximize the benefits of scale across the continent.”
Heinz Reiner Reiff, CEO of Stahlgruber Otto Gruber AG, added: “I am very excited about the meaningful benefits that will occur by combining our complementary cultures and industry leading management, which together position Stahlgruber to achieve the continued growth of its European businesses. Our acceptance of LKQ shares as part of the consideration emphasizes our belief in the value of this combination.”
More on this deal as we get it.