Fix Auto World has announced an agreement to purchase the assets of 11 glass and automotive aftermarket companies, previously owned by the Skidmore Group
Fix Auto World has announced an agreement to purchase the assets of 11 glass and automotive aftermarket companies, previously owned by the Skidmore Group, a privately held, diversified portfolio company, with over 70 years of history. By way of this acquisition, Fix Auto will benefit from the brands’ long term position in the North American and international markets and their solid ties to a loyal customer base.
Through this acquisition, Fix Auto World is purchasing the assets of Novus Glass Inc., Novus Franchising Inc., Speedy Auto Glass USA Inc., TCGI Australia PTY Ltd., TCGI (Jersey) Ltd., Novus Inc., Windshields.Com Inc., Transamerica Glass Inc., Splashes Auto Spa Inc., Shat R Proof Corp. and Windshield Doctor Canada Ltd.
“By acquiring the assets of these companies and combining them with our existing Fix Auto network, we are creating the opportunity to provide complete automotive aftermarket services to our customers and partners all over the world,” said Steve Leal, President and CEO of Fix Auto World. "We will be growing our network by over 1,200 franchise, corporate and affiliate locations worldwide, raising the Fix Auto network’s global numbers to over 2,000 franchise, retail, repair, affiliate, distribution and manufacturing locations globally in over 40 countries. This underscores our commitment to forming a comprehensive aftermarket solution for consumers and is sure to create entrepreneurial opportunity for our franchisees to grow and develop their businesses."false
Since 2015, Caisse de dépôt et placement du Québec has worked with Fix Auto to stimulate its growth in new markets around the world. With this third investment in under two years, la Caisse is supporting Fix Auto as it diversifies its services.
“Since our first investment, the company has tripled its number of franchises and developed five new markets. With its innovative business model and an agile management team that has demonstrated its strong ability to seize business opportunities, Fix Auto is now well-positioned to become a global leader in its industry,” said Christian Dubé, Executive Vice-President, Québec at la Caisse. “Given this success, in Québec and internationally, it made sense to invest once again in Fix Auto to facilitate its expansion.”false
Skidmore Group President Garry Skidmore said that Speedy Glass USA and Novus Glass will benefit from Fix Auto World’s global market position, premium brand recognition, product portfolio and proven track record leveraging supplier and insurer relations and developing sales channels for franchisees.
He said: "The teams at Speedy Glass USA and Novus Glass are excited to play a key role in Fix Auto’s growth strategy. Joining forces with Fix Auto will further enhance the brands' abilities to dominate the industry as innovative leaders in glass repair and solutions.”false
The Skidmore Group will retain corporate Novus locations in British Columbia, and looks forward to remaining a part of the global Novus family.
The acquisition, which is expected to close on April 28th, 2017, allows Fix Auto World to leverage its strengths and product offering to provide a total solution to the auto glass and collision market, while achieving significant growth in its primary market channels.
ABOUT FIX AUTO WORLD
For 25 years, Fix Auto has been bringing forward-thinking independent automotive aftermarket repair shop owners together. In 2015, we created Fix Automotive Network, adding mechanical and glass to our portfolio with one clear goal: to help customers drive forward with confidence. With established and developing networks in 9 countries and more than 700 collision repair, mechanical and glass locations worldwide, Fix Auto World is the global aftermarket services network. For more information about Fix Auto, please visit www.fixauto.com.
ABOUT CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC
Caisse de dépôt et placement du Québec (CDPQ) is a long-term institutional investor that manages funds primarily for public and parapublic pension and insurance plans. As at December 31, 2016, it held $270.7 billion in net assets. As one of Canada's leading institutional fund managers, CDPQ invests globally in major financial markets, private equity, infrastructure and real estate. For more information, visit cdpq.com, follow us on Twitter @LaCDPQ or consult our Facebook or LinkedIn pages.
ABOUT SKIDMORE GROUP
For 70 years Trans Canada Glass International (TCGI) revolutionized the windshield repair and replacement industry. Today, Skidmore Group is a diversified holding company that invests in retail, distribution and service businesses with a strong potential for accelerated growth.
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