LKQ Corporation (NASDAQ:LKQ) today announced that it has sold GSF Car Parts to Epiris Fund III, a private equity fund based in the United Kingdom. The divestiture fulfills LKQ’s undertaking to the UK’s Competition and Markets Authority to sell the GSF business in connection with LKQ’s acquisition of Uni-Select Inc. that was completed August 1.
Rick Galloway, Senior Vice President and Chief Financial Officer, commented, “The proceeds from the sale of GSF will be utilized to reduce our total debt, putting us in a better position to begin implementing a more balanced capital allocation strategy, which includes share repurchases.”
GSF is a national distributor of automotive parts in the UK. The business offers 180,000 branded and own-label parts for all makes of gas, diesel and electric cars and vans as well as workshop equipment and technical support
GSF’s customers include multi-site national chains such as Kwik Fit, Halfords and Green Flag, as well as independent garages and retail customers. With 180 branches across the UK, GSF supplies a comprehensive product range sourced from around 700 global suppliers.
Terms of the transaction were not disclosed.
DC Advisory acted as exclusive financial advisor for Epiris on the transaction. DC Advisory’s Capital Advisory practice was also engaged to run the acquisition financing process, resulting in a debt financing solution provided by Atlantic Park.