GSF Car Parts parent company bought by LKQ Corporation
GSF Car Parts’ Canadian parent company Uni-Select Inc has been bought by U.S-based LKQ Corporation, the owners of LKQ Euro Car Parts.
For now, both companies, including GSF Car Parts’ network of 180 outlets, will continue to operate as usual.
Uni-Select Executive Chair and CEO Brian McManus said: “We are extremely grateful for the efforts of the GSF team for the integral part they have played in the success of Uni-Select and its substantial growth since 2017. The passion, commitment and quality of our GSF colleagues has shone through time and again, and we will support the team during the divestment process to ensure they continue their excellent progress.”
GSF Car Parts President and COO Sukhbir Kapoor observed: “We are a strong and healthy business, optimistic about the eventual outcome of the divestment process, given the strength of GSF and the talent of our 2,500 people across the UK. There is no material change to the day-to-day business of GSF Car Parts because of Uni-Select’s announcement, so our network of 180 branches and our growing online retail service remains open for business as usual.
“Everyone at GSF Car Parts remains committed to driving value and delivering the excellent service to our customers on which the business has built its strong reputation.”
President and Chief Executive Officer of LKQ Corporation Dominick Zarcone added: “This acquisition further enhances LKQ’s global automotive vehicle parts distribution business. Uni-Select’s North American automotive refinish paint and mechanical parts distribution operations complement LKQ’s existing footprint and will allow us to distribute a broader array of products to our customers. We look forward to welcoming Uni-Select’s employees to the LKQ team. Importantly, we believe that our combined efforts will create tremendous long-term value for our customers, shareholders, employees, and other stakeholders as we continue to focus on our operational excellence initiatives. We are also pleased that the acquisition will allow LKQ to build a significant presence in Québec, including Uni-Select’s Boucherville, Québec head office, expanding upon LKQ’s already existing business operations in that province.”
Uni-Select and GSF will continue to operate as independent companies until the completion of the deal.