The following statement has been issued by LKQ Corp following last week’s announcement that it has acquired Uni-Select, parent company of GSF Car Parts. While the statement is a confirmation of what we already knew, it is the first time that LKQ has made a public statement to the UK on the matter of the GSF divestment. (Nick Zarcone’s previous comments were on statements issued by Uni-Select and from a conference call with investors).
LKQ CORPORATION CLARIFIES GSF’S FUTURE AFTER UNI-SELECT ACQUISITION
LKQ Corporation, the parent company of LKQ Euro Car Parts, has clarified that it will be undertaking a process to divest GSF following its acquisition of the factor’s Canadian owner, Uni-Select.
The Transaction is subject to the receipt of anti-trust clearance in the UK – LKQ Corporation will offer to divest GSF as part of its application for the UK competition authority’s approval of the Transaction and the divestment.
In the interim, LKQ Corporation will not be involved in the day-to-day running of the GSF business with the existing management team remaining in place and the organization ringfenced from LKQ.
Nick Zarcone, President and Chief Executive Officer of LKQ Corporation, said: “As detailed in the presentation shared on our website upon announcing the acquisition last week, we expect to divest GSF following receipt of relevant regulatory approvals. We hope this announcement helps to reassure the UK aftermarket that we remain committed to competition in the sector.”