CHICAGO — Auto parts distributor LKQ Corp. is buying Stahlgruber G.m.b.H. of Poing, Germany, in a deal that will yield a pan-European parts distributor with estimated annual sales of $5 billion.
The deal, expected to close late in the first quarter or early in the second quarter of 2018, does not include REMA Tip Top A.G., a sister company that specializes in transport belting and tire repair materials and equipment.
The LKQ-Stahlgruber deal is valued at about $1.75 billion, Chicago-based LKQ said, and comprises operations in Austria, Croatia, Czech Republic, Germany, Italy and Slovenia along with sales activities in Switzerland.
Stahlgruber's assets include 228 sales centers, six warehouses and a 1.38-million-sq.-ft. logistics center in Germany serving more than 100,000 customers with over 500,000 SKUs.
"This transformative acquisition solidifies LKQ as a leading Pan-European aftermarket mechanical parts distributor, and further enhances our global diversification strategy," said LKQ President and CEO Dominick Zarcone, who noted that Stahlgruber has a history of delivering above-market growth.