Business
XPEL Announces Multiple Acquisitions in North America
SAN ANTONIO--(BUSINESS WIRE)-- XPEL, Inc. (Nasdaq: XPEL) (the "Company"), a global provider of protective films and coatings, has announced the acquisition
About this update from Xpel, Inc.
[{"type":"text","content":" SAN ANTONIO--(BUSINESS WIRE)--\nXPEL, Inc. (Nasdaq: XPEL) (the \"Company\"), a global provider of protective films and coatings, has announced the acquisition of five businesses in the United States and Canada from two sellers.\n\nIn Canada:\n\nShadow Shield: A distributor of paint protection film and window film to customers in Canada with locations in Calgary, Alberta and Mississauga, Ontario.\n\nShadow Tint: An installer of paint protection and window film operating in Calgary, Alberta.\n\nNorth 1 Technologies: A software company providing software and patterns for cutting paint protection film to customers around the world under the FilmWraps brand.\n\nIn the United States:\n\nOne Armor: An Installer of paint protection and window film in Phoenix, Arizona.\n\nTint Net: A high-volume installer of automotive window film providing on-site service serving mostly mid-range new car dealerships in Arizona.\n\nThe combined purchase price of these acquisitions is approximately USD$20.1 million and is subject to customary adjustments, including working capital adjustments. These acquisitions closed on October 1, 2021.\n\nOn a full year basis, these combined acquisitions would add revenue of approximately USD$17.0 million. After integration, the Company expects full-year post-synergy earnings before interest, taxes, depreciation and amortization (EBITDA) of approximately USD$4.0 million which the Company expects to occur on a run-rate basis beginning in Q2 2022. The Company expects to incur approximately USD$0.3 million in acquisition and integration related expenses and is funding the transaction with existing cash on hand and available credit facilities.\n\nRyan Pape, President and Chief Executive Officer of XPEL, stated, “XPEL remains a willing buyer of businesses that expand upon our core strategies, from sellers that are looking for their next journey with a winning and dynamic team. These acquisitions are consistent with our go-to-market strategy and our desire to add top talent to the team.”\n\nAbout XPEL, Inc.\n\nXPEL is a leading provider of protective films and coatings, including automotive paint protection film, surface protection film, automotive and architectural window films, and ceramic coatings. With a global footprint, a network of trained installers and proprietary DAP software, XPEL is dedicated to exceeding custom...