Fix Auto Canada has agreed to acquire Prime CarCare Group Inc, a Markham, Ont.-based operator of 142 franchise locations in Canada under different automotive brands, including Speedy Auto Service. No financial terms were released. Fix Auto Canada, a Montréal-based network of body shops, said the acquisition prepares it for horizontal integration across the automotive repair network. The deal, which is expected to close within 30 days, will be funded in part by Fix Auto Canada’s minority equity partner: the Caisse de dépôt et placement du Québec. The value of the Caisse’s investment was not published.
Fix Auto Canada Acquires Prime CarCare Group
Acquisition prepares Fix Auto Canada for horizontal integration across automotive repair network
MONTREAL (Quebec), May 6 2016 – Steve Leal, President and CEO of Fix Auto Canada, is proud to announce the signing of a definitive agreement to acquire Prime CarCare Group, Canadian owner of automotive brands Speedy Auto Service, 5 Gears Auto Care, Minute Muffler and Brake, and the Canadian master franchisor for Novus Glass.
“This acquisition will create a unique opportunity for horizontal integration in the automotive repair sector”, said Leal. “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.”
Prime CarCare Group currently operates 142 franchise locations in Canada under different brands, namely Speedy Auto Service, an iconic Canadian brand with a rich history that spans over 50 years of quality automotive service.The transaction is expected to close within 30 days, and while the terms are private, it is being partially funded by minority equity partner La Caisse de dépôt et placement du Québec. “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.
“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!”
“Fix Auto franchisees are among the most innovative and entrepreneurial in the business, and a significant portion of our glass and mechanical work is currently being sublet to third parties,” added Leal. “This will create growth opportunities for all the franchisees in the system, and help deliver a more complete and consistent service offering to all our stakeholders.”
ABOUT FIX AUTO
Fix Auto is the number one consumer brand in collision repair, and the largest single branded network in Canada, with over 230 locations across the country. Owned and operated locally, each Fix Auto centre offers hassle-free care and services that return vehicles to their pre-collision luster and performance. Our company and our network continue to grow nationally and globally, thanks to a solid foundation based on entrepreneurship and innovation. With more than 400 locations around the world, Fix Auto is the global body shop network.
Steve Leal, President and CEO
Fix Auto Canada | World
Stephanie Corrente, Communications and PR Manager
Fix Auto Canada | World
Photo courtesy of Fix Auto Canada