Fix Auto Canada Acquires Prime CarCare Group
May 9, 2016—Fix Auto Canada announced Friday that it has acquired Prime CarCare Group, which includes brands such as Speedy Auto Service, 5 Gears Auto Care, Minute Muffler and Brake and Novus Glass.
The acquisition prepares Fix Auto Canada for horizontal integration across the automotive repair industry.
“This acquisition will create a unique opportunity for horizontal integration in the automotive repair sector,” president and CEO of Fix Auto Canada Steve Leal, said. “Fix Auto became the number one consumer brand in collision repair through customer-driven focus, and we see great opportunity to further improve the customer experience by bringing together these leading automotive brands. This acquisition reinforces our commitment and support to the Canadian automotive aftermarket, and will benefit and expand offerings to support our existing partnerships.”
“We see a great cultural and strategic fit with Fix Auto,” said David Lush, president and CEO of Prime CarCare Group Inc. “Our vision of building a full product offering around the customer’s needs is now complete with the addition of collision repair, and we are thrilled to be joining Fix Auto’s extended family!”
Prime CarCare Group currently operates 142 franchise locations in Canada under four brands. The acquisition will be completed within 30 days. Minority equity partner La Caisse de dépôt et placement du Québec is partially funding the transaction.
“By reinvesting in FixAuto, la Caisse will enable the company to diversify its activities and pursue its Canada-wide growth strategy,” said Christian Dubé, executive vice-president, Québec of Caisse de dépôt et placement du Québec.