Fix Auto World has announced an agreement to purchase the assets of 11 glass and automotive aftermarket companies, previously owned by the Skidmore Group, a privately held, diversified portfolio company, with over 70 years of history.
By way of this acquisition, Fix Auto aims to benefit from the brands’ long-term position in the North American and international markets and their solid ties to a loyal customer base.
Through this acquisition, Fix Auto World is purchasing the assets of Novus Glass, Novus Franchising, Speedy Auto Glass USA, TCGI Australia PTY, TCGI (Jersey), Novus, Windshields.com, Transamerica Glass, Splashes Auto Spa, Shat R Proof and Windshield Doctor Canada.
“By acquiring the assets of these companies and combining them with our existing Fix Auto network, we are creating the opportunity to provide complete automotive aftermarket services to our customers and partners all over the world,” said Steve Leal, President and CEO of Fix Auto World. “We will be growing our network by over 1,200 franchise, corporate and affiliate locations worldwide, raising the Fix Auto network’s global numbers to over 2,000 franchise, retail, repair, affiliate, distribution and manufacturing locations globally in over 40 countries. This underscores our commitment to forming a comprehensive aftermarket solution for consumers and is sure to create entrepreneurial opportunity for our franchisees to grow and develop their businesses.”
Since 2015, Caisse de dépôt et placement du Québec (CDPQ) has worked with Fix Auto to stimulate its growth in new markets around the world. With this third investment in under two years, CDPQ is supporting Fix Auto as it diversifies its services. “Since our first investment, the company has tripled its number of franchises and developed five new markets. With its innovative business model and an agile management team that has demonstrated its strong ability to seize business opportunities, Fix Auto is now well-positioned to become a global leader in its industry,” said Christian Dubé, Executive Vice-President, CDPQ. “Given this success, in Québec and internationally, it made sense to invest once again in Fix Auto to facilitate its expansion.”
Skidmore Group President, Garry Skidmore, said that Speedy Glass USA and Novus Glass will benefit from Fix Auto World’s global market position, premium brand recognition, product portfolio and proven track record leveraging supplier and insurer relations and developing sales channels for franchisees. “The teams at Speedy Glass USA and Novus Glass are excited to play a key role in Fix Auto’s growth strategy,” said Skidmore. “Joining forces with Fix Auto will further enhance the brands’ abilities to dominate the industry as innovative leaders in glass repair and solutions.” The Skidmore Group will retain corporate Novus locations in British Columbia, and will remain part of the global Novus family.
The acquisition, which is expected to close on April 28, 2017, is seen as enabling Fix Auto World to leverage its strengths and product offering to provide a total solution to the auto glass and collision market, while achieving significant growth in its primary market channels.