M&A Deal Summary

LKQ Acquires Pittsburgh Glass Works

On February 29, 2016, LKQ Corp. acquired automotive company Pittsburgh Glass Works LLC from Kohlberg & Company LLC and PPG Industries, Inc. for 635M USD

Acquisition Highlights
  • This is LKQ’s 17th transaction in the Automotive sector.
  • This is LKQ’s 3rd largest (disclosed) transaction.
  • This is LKQ’s 26th transaction in the United States.
  • This is LKQ’s 3rd transaction in Pennsylvania.
Investment Fate
  • Pittsburgh Glass Works was divested to a strategic buyer in 2017 for 310M USD.

M&A Deal Summary

Date 2016-02-29
Target Pittsburgh Glass Works LLC
Sector Automotive
Buyer(s) LKQ Corp.
Sellers(s) Kohlberg & Company LLC
PPG Industries, Inc.
Deal Type Add-on Acquisition
Deal Value 635M USD
Advisor(s) Jefferies LLC
Nomura Holdings, Inc. (Financial)
Ropes & Gray LLP (Legal)

Target

Pittsburgh Glass Works LLC

Pittsburgh, Pennsylvania, United States
website
Pittsburgh Glass Works LLC is a designer, producer and distributor of automotive glass to high-volume Auto-OEM applications and glass replacement markets worldwide. PGW’s business comprises engineering development and application of sophisticated automotive glass technologies; glass manufacturing and assembly operations in North America, Europe and Asia wholesale and retail aftermarket distribution services; and retailer alliance partnerships in North America.

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Buyer(S) 1

Buyer

LKQ Corp.

Chicago, Illinois, United States

website


Category Company
Founded 1998
SectorAutomotive
Employees46,000
Revenue 13.1B USD (2021)
DESCRIPTION

LKQ is a provider of alternative collision replacement parts and also a provider of recycled engines and transmissions and remanufactured engines, all in connection with the repair of automobiles and other vehicles. LKQ also has operations in the United Kingdom, Canada, Mexico, Taiwan, the Netherlands, Belgium, France, Guatemala and Costa Rica. LKQ operates more than 500 facilities, offering its customers a broad range of replacement systems, components and parts to repair automobiles and light, medium and heavy-duty trucks. LKQ was founded in 1998 and is based in Chicago, Illinois.


DEAL STATS #
Overall 38 of 44
Sector (Automotive) 17 of 20
Type (Add-on Acquisition) 35 of 39
State (Pennsylvania) 3 of 3
Country (United States) 26 of 30
Year (2016) 1 of 3
Size (of disclosed) 3 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-12-22 Rhiag Group Ltd.

Baar, Switzerland

Rhiag Group Ltd. is the distributor of branded automotive spare parts in the independent Italian aftermarket and one of the largest players across Eastern Europe where it operates through a network of subsidiaries.

Buy €1.0B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-08-03 Arleigh International Ltd.

Nuneaton, United Kingdom

Arleigh International Ltd. are specialist leisure wholesalers in the UK trading through three divisions supplying equipment and spares into the holiday home (Arleigh), motorhome (Nova Leisure) and inland waterways (Midland Chandlers) markets. From their purpose built 60,000 sq ft premises in Nuneaton, Warwickshire, they supply over 13,000 SKUs on a next day basis to over 4,000 trade accounts

Buy -

Seller(S) 2

SELLER

Kohlberg & Company LLC

Mount Kisco, New York, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1987
PE ASSETS 7.5B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

Kohlberg & Company is a private equity firm which acquires middle-market companies with consistent cash flow, and underperforming companies with operational deficiencies. Kohlberg looks to commit $100 to $500 million of equity capital in opportunities valued from $200 million to $1.5 billion. Kohlberg generally looks for opportunities in the manufacturing and service sectors, however the Firm will also selectively consider businesses in food and healthcare. Kohlberg tends not to consider technology or communications companies. Kohlberg & Company was formed in 1987 and has offices in Mt. Kisco, New York.


DEAL STATS #
Overall 30 of 44
Sector (Automotive) 3 of 3
Type (Add-on Acquisition) 14 of 16
State (Pennsylvania) 2 of 2
Country (United States) 29 of 43
Year (2016) 1 of 3
Size (of disclosed) 1 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-10-20 Risk Strategies Co., Inc.

Boston, Massachusetts, United States

Risk Strategies is a national brokerage firm focused on delivering risk management and insurance solutions toprivately-held and publicly-traded commercial clients and high net worth individuals. Risk Strategies focuses on client risk management challenges and delivers pragmatic, costeffective financial and business solutions. Risk Strategies was founded in 1997 and is based in Boston, Massachusetts.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-04-29 Spinal Elements

Carlsbad, California, United States

Spinal Elements is a designer, developer, manufacturer and marketer of medical devices used in spinal surgical procedures. Spinal Elements' mission is to exceed surgeon and patient expectations by creating balanced solutions with disruptive technologies for medical devices paired with biologics and instrumentation. Spinal Elements' vertically-integrated strategy focuses on improving surgical outcomes and the lives of patients with spinal disorders.

Buy -
SELLER

PPG Industries, Inc.

Pittsburgh, Pennsylvania, United States

website


Category Company
Founded 1883
SectorChemicals
Employees46,900
Revenue 13.8B USD (2020)
DESCRIPTION
PPG headquarters at One PPG Place in downtown Pittsburgh, Pennsylvania.
PPG headquarters at One PPG Place in downtown Pittsburgh, Pennsylvania.

PPG manufactures and distributes a broad range of coatings, specialty materials and glass products. The Company is comprised of three reportable business segments: Performance Coatings, Industrial Coatings and Glass. The Performance Coatings and Industrial Coatings reportable segments supply coatings and specialty materials for customers in a wide array of end-use markets, including industrial equipment, appliances and packaging; factory-finished aluminum extrusions and steel and aluminum coils; marine and aircraft equipment; automotive original equipment; and other industrial and consumer products. The Industrial Coatings reportable segment is comprised of the automotive OEM, industrial coatings, packaging coatings, and specialty coatings and materials businesses. PPG's Glass segment is a producer of flat glass in North America and a producer of fiber glass in North America and Europe, as well as Asia through a partnership with Nan Ya Plastics Corp to serve the electronics industries. PPG was formed in 1883 and is based in Pittsburgh, Pennsylvania.


DEAL STATS #
Overall 1 of 3
Sector (Automotive) 1 of 1
Type (Add-on Acquisition) 1 of 1
State (Pennsylvania) 1 of 2
Country (United States) 1 of 2
Year (2016) 1 of 2
Size (of disclosed) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-06-11 IVC Industrial Coatings, Inc.

Brazil, Indiana, United States

IVC Industrial Coatings, Inc. is a specialty powder and liquid coatings manufacturer.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-06-08 MetoKote Corp.

Lima, Ohio, United States

MetoKote provides environmentally sound and cost-effective coating solutions including equipment, coating application, and related management and support services to a wide variety of industries such as agriculture, appliance, automotive, computer, construction equipment, electrical, furniture, industrial equipment, recreational, and truck and bus.

Buy -