Business
XPEL Acquires Montreal, Canada Paint Protection Film Installer Protex Centre
SAN ANTONIO--(BUSINESS WIRE)-- XPEL, Inc. (Nasdaq: XPEL) (“XPEL”, “the Company”), a global provider of protective films and coatings, today announced that it
About this update from Xpel, Inc.
[{"type":"text","content":" SAN ANTONIO--(BUSINESS WIRE)--\nXPEL, Inc. (Nasdaq: XPEL) (“XPEL”, “the Company”), a global provider of protective films and coatings, today announced that it has agreed to acquire Protex Centre, the largest franchisee in the Protex Canada network. Closing is subject to customary conditions and is expected to occur on February 1, 2020.\n\n\nProtex Centre is a Montreal-based wholesale-focused paint protection film installation business, serving primarily dealerships with over 20 employees and a 15-year operating history.\n\n\nThe acquisition is expected to add over CAD$2.5 million in incremental revenue, excluding the approximately CAD$1.0 million in annual purchases by Protex Centre from XPEL. We anticipate that the acquisition will be immediately accretive to our 2020 results of operations. The acquired business will combine physically and operationally with the Protex Pointe-Claire window film business acquired by XPEL in 2018, providing an integrated wholesale solution for a significant portion of the Montreal area.\n\n\nRyan Pape, President and Chief Executive Officer of XPEL, commented, “Protex Centre is one of the largest wholesale paint protection film installation businesses in the world and one of our single largest individual customers. We are excited to add Protex Centre to our great team in Quebec.”\n\n\nThe purchase price was approximately CAD$3.25 million, funded from cash on hand and through the issuance of unsecured promissory notes payable to the sellers.\n\n\nAbout XPEL, Inc.\n\n\nXPEL is a leading provider of protective films and coatings, including automotive paint protection film, surface protection film, automotive and commercial/residential window films, and ceramic coatings. With a global footprint, a network of trained installers and proprietary DAP software, XPEL is dedicated to exceeding customer expectations by providing high-quality products, leading customer service, expert technical support and world-class training. XPEL, Inc. is publicly traded on Nasdaq under the symbol “XPEL”.\n\n\nSafe harbor statement \n\n\nThis release includes forward-looking statements regarding XPEL, Inc. and its business, which may include, but is not limited to, anticipated use of proceeds from capital transactions, expansion into new markets, and execution of the company's growth strategy. Often, but not always, forwar...