LKQ Corporation Completes Divestiture of GSF Car Parts to Epiris
CHICAGO, Oct. 25, 2023 (GLOBE NEWSWIRE) -- LKQ Corporation (Nasdaq: LKQ) today announced that it has sold GSF Car Parts (“GSF”) to Epiris Fund III (“Epiris”), a private equity fund based in the United Kingdom.
- CHICAGO, Oct. 25, 2023 (GLOBE NEWSWIRE) -- LKQ Corporation (Nasdaq: LKQ) today announced that it has sold GSF Car Parts (“GSF”) to Epiris Fund III (“Epiris”), 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.