LKQ Corporation 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.
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.”
Terms of the transaction were not disclosed.
About LKQ Corporation
LKQ Corporation (www.lkqcorp.com) is a leading provider of alternative and specialty parts to repair and accessorize automobiles and other vehicles. LKQ has operations in North America, Europe and Taiwan. LKQ offers its customers a broad range of OEM recycled and aftermarket parts, replacement systems, components, equipment, and services to repair and accessorize automobiles, trucks, and recreational and performance vehicles.