M&A Deal Summary

LKQ Acquires Keystone Automotive Operations

On January 6, 2014, LKQ acquired distribution company Keystone Automotive Operations from Aurora Resurgence, Platinum Equity, Littlejohn and Bain Capital Private Equity for 450M USD

Acquisition Highlights
  • This is LKQ’s 10th transaction in the Distribution sector.
  • This is LKQ’s 5th largest (disclosed) transaction.
  • This is LKQ’s 22nd transaction in the United States.
  • This is LKQ’s 2nd transaction in Pennsylvania.

M&A Deal Summary

Date 2014-01-06
Target Keystone Automotive Operations
Sector Distribution
Buyer(s) LKQ
Sellers(s) Aurora Resurgence
Platinum Equity
Littlejohn
Bain Capital Private Equity
Deal Type Add-on Acquisition
Deal Value 450M USD

Target

Keystone Automotive Operations

Exeter, Pennsylvania, United States
Keystone Automotive Operations, Inc. is a distributor and marketer of specialty aftermarket equipment and accessories. Keystone markets products to serve the following six category segments: truck and off-road; speed and performance; recreational vehicle; towing; wheels, tires and performance handling; and miscellaneous accessories.

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Buyer(S) 1

Buyer

LKQ

Chicago, Illinois, United States

Category Company
Founded 1998
Sector Automotive
Employees49,000
Revenue 12.8B USD (2022)
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 was founded in 1998 and is based in Chicago, Illinois.


DEAL STATS #
Overall 28 of 45
Sector (Distribution) 10 of 20
Type (Add-on Acquisition) 25 of 40
State (Pennsylvania) 2 of 3
Country (United States) 22 of 30
Year (2014) 1 of 6
Size (of disclosed) 5 of 11
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-08-06 JCA Coatings

Reading, United Kingdom

JCA Coatings Ltd. engages in the distribution of refinish materials to the vehicle body repair market.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-04-15 VEAM B.V.

Heerenveen, Netherlands

VEAM B.V. is a distributor of automobile parts.

Buy -

Seller(S) 4

SELLER

Aurora Resurgence

Investor Investor


Category Distressed Investor
Founded 1991
PE ASSETS 550M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Aurora Resurgence is a private equity firm focused on complex or special situation investments. The Firm is associated with private equity group Aurora Capital Group and looks to invest $25 to $100 million of equity or debt capital to support a variety of investment situations including buyouts, carve-outs, recapitalizations, 363 sales, secondary debt purchases, DIP financings, and restructurings. Aurora Resurgence is based in Los Angeles, California.


DEAL STATS #
Overall 4 of 10
Sector (Distribution) 1 of 1
Type (Add-on Acquisition) 1 of 2
State (Pennsylvania) 1 of 1
Country (United States) 4 of 8
Year (2014) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-07-02 Miami Valley Steel Service

Piqua, Ohio, United States

Miami Valley Steel Service, Inc. provides steel processing services and engages in the distribution of low carbon flat roll steel products. Miami Valley provides steel coil, sheets, precision blanks, edged conditioned coil, oscillate coil and bar stock.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-02-04 International Cookware SAS

Chateauroux, France

International Cookware SAS designs, manufactures, and distributes cookware equipment, primarily made of borosilicate glass, which offers superior thermal shock resistance. It is primarily sold under the iconic Pyrex® brand, which International Cookware commercializes across EMEA under an exclusive licensing agreement granted by Corning Inc and Corning Limited. The Group has also developed its own cookware brand, Ôcuisine, which has a large range of products distributed throughout the world.

Buy -
SELLER

Platinum Equity

Beverly Hills, California, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1995
PE ASSETS 48.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION
Platinum Equity's headquarters in Beverly Hills, California.
Platinum Equity's headquarters in Beverly Hills, California.

Platinum Equity is a private equity firm focused on acquiring divestitures of larger public companies primarily in North America and Europe. Historically, Platinum targeted technology/software related businesses, however, the firm has since branched out beyond tech and will consider acquisitions in a broad range of industries including chemicals, communications, logistics, healthcare, automotive, industrial products, and business services. Platinum Equity was formed in 1995 by Tom Gores and is based in Beverly Hills, California.


DEAL STATS #
Overall 28 of 78
Sector (Distribution) 3 of 4
Type (Add-on Acquisition) 16 of 39
State (Pennsylvania) 2 of 6
Country (United States) 21 of 65
Year (2014) 1 of 9
Size (of disclosed) 9 of 21
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-12-10 BlueLine Rental

Shippensburg, Pennsylvania, United States

BlueLine Rental LLC is a provider of rental equipment services in North America, offering comprehensive lines of earthmoving, aerial and other construction equipment to service its customer base across multiple end markets, including the industrial, energy, infrastructure, nonresidential and residential construction, and non-construction markets.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-01-13 Sensis Pty

Melbourne, Australia

Sensis is a print and online directory and digital advertising services provider in Australia. The company is organized into three distinct business segments: White Pages, Yellow Pages, and Digital Partnership and Innovation.

Buy AU$454M
SELLER

Littlejohn

Greenwich, Connecticut, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1996
PE ASSETS 7.8B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Littlejohn is a private equity firm that makes control investments in mid-sized companies undergoing change; either in capital structure, strategy, operations, or growth. Littlejohn looks to commit $50 to $250 million of equity, mezzanine, or credit capital in companies with annual revenues of $100 to $800 million. Sectors of interest include industrial equipment, packaging, chemicals, automotive and transportation parts and equipment, food and food processing, healthcare, plastics, aerospace/defense, distribution, environmental and infrastructure services, and consumer products. The Firm avoids investing in real estate, fashion, retail, and businesses engaged in high technology. Littlejohn prefers opportunities located in the US, but also considers opportunities in Europe and Canada. Littlejohn was formed in 1996 and is based in Greenwich, Connecticut.


DEAL STATS #
Overall 18 of 48
Sector (Distribution) 3 of 7
Type (Add-on Acquisition) 9 of 22
State (Pennsylvania) 2 of 5
Country (United States) 15 of 44
Year (2014) 1 of 5
Size (of disclosed) 7 of 11
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-12-16 Hostway

Chicago, Illinois, United States

Hostway is a provider of hosted information technology solutions to over 500,000 small and medium-size businesses and enterprise customers. Hostway delivers customized Infrastructure-as-a-service (IaaS) and Cloud solutions, a robust suite of web presence and web optimization solutions, hosted exchange and a variety of other value-added applications and services in customizable managed, shared, cloud or hybrid environments.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-02-13 Installed Building Products

Columbus, Ohio, United States

Installed Building Products is a manufacture, sale, and installation of building products for the commercial building industry. IBP provides insulations, shower doors, mirrors, shelving, waterproofing, gutters, garage doors, and fireplaces. Installed Building Products was founded in 1977 and is based in Columbus, Ohio.

Sell -
SELLER

Bain Capital Private Equity

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1984
PE ASSETS 44.2B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Bain Capital Private Equity (BCPE), is the private equity investment arm of alternative asset management firm, Bain Capital. BCPE targets leveraged buyout and growth capital transactions in a wide variety of industries including information technology, communications, media, healthcare, industrial/manufacturing, retail/consumer, and financial services. Bain Capital is based in Boston with additional offices in New York, London, Mumbai, Hong Kong, Shanghai, Tokyo, and Munich.


DEAL STATS #
Overall 56 of 147
Sector (Distribution) 4 of 5
Type (Add-on Acquisition) 14 of 40
State (Pennsylvania) 4 of 7
Country (United States) 39 of 85
Year (2014) 1 of 10
Size (of disclosed) 34 of 44
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-01-01 Kestra

Kirkland, Washington, United States

Kestra is a development-stage manufacturer of wearable cardioverter defibrillator solutions designed to prevent sudden cardiac death and promote cardiac recovery in at-risk patients. Kestra is based in Kirkland, Washington.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-01-08 MedHOK

Tampa, Florida, United States

MedHOK, Inc. is a provider of software-as-a-service (SaaS) solutions for health plans offered by insurance companies, health systems and companies that administer drug benefits.

Buy -