EURO car parts has been acquired by the LKQ Corporation for around £225m it has been announced.
LKQ indicated that the acquisition is expected to generate Q4 2011 revenue of approximately $120m to $125m.
In addition to the initial £225m purchase price, the value of the deal could increase by up to £55m if Euro Car Parts meets certain growth targets in 2012 and 2013. The payments related to the growth targets would be payable in 2013 and 2014.
Established in 1978, Euro Car Parts has over 3,500 employees serving more than 120,000 commercial customers from 89 locations throughout the UK, offering a broad product line of 114,000 SKUs.