LKQ Corporation (Nasdaq: LKQ) today announced that it has completed its previously announced acquisition of Rhiag-Inter Auto Parts Italia S.p.A (“Rhiag”), a leading pan-European business-to-business distributor of aftermarket spare parts for passenger cars and commercial vehicles.
Rhiag has operations in Italy, Czech Republic, Switzerland, Hungary, Romania, Ukraine, Bulgaria, Slovakia, Poland and Spain. Rhiag operates through 252 distribution centers and 10 warehouses, and serves more than 100,000 professional clients.
“We are very excited to see this acquisition come to fruition as it demonstrates our ongoing commitment to expand our European footprint. With an impressive track record of growth and industry leading management team, Rhiag clearly fits our strategic and acquisition criteria. Rhiag will be an integral part of our Pan European strategy,” stated Robert L. Wagman, President and Chief Executive Officer of LKQ Corporation.
Luca Zacchetti, Rhiag Group CEO, commented: “Rhiag is excited to join the LKQ family and leverage the benefits of being part of the leading company in our industry and in Europe. Rhiag will immediately partner with LKQ’s existing operations to provide our customers and suppliers opportunities to improve our business relationships. With LKQ’s backing, we look forward to continuing our growth in Italy and Eastern Europe by integrating the best practices from both Rhiag and LKQ to create a stronger company for all our constituents.”
The acquisition closed on March 18, 2016.