Caisse de dépôt et placement du Québec is investing for the third time in Fix Auto World as it expands by acquiring several competitors.
The automotive repair company has agreed to buy 11 glass and automotive aftermarket companies from Skidmore Group, a diversified holding company that invests in retail, distribution and service businesses. The companies to be acquired — Novus Glass Inc., Novus Franchising Inc., Speedy Auto Glass USA Inc., TCGI Australia PTY Ltd., TCGI (Jersey) Ltd., Novus Inc., Windshields.Com Inc., Transamerica Glass Inc., Splashes Auto Spa Inc., Shat R Proof Corp. and Windshield Doctor Canada Ltd. — have solid reputations in the North American and international markets, according to a press release.
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“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,” said Steve Leal, president and chief executive officer at Fix Auto World.
Caisse has invested in Fix Auto World since 2015. The aim of this third investment is to help the automotive repair network grow its presence around the world. The organization already has locations in Canada, the United States, Britain, France, Turkey and Australia.
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“Since our first investment, the company has tripled its number of franchises and developed five new markets,” said Christian Dubé, executive vice-president, Quebec at Caisse. “. . . Given this success, in Quebec and internationally, it made sense to invest once again in Fix Auto to facilitate its expansion.”
The acquisition is expected to close on April 28, 2017.