Business
XPEL Expands International Footprint with Acquisition of Chinese Distributor
SAN ANTONIO--(BUSINESS WIRE)-- XPEL, Inc. (Nasdaq: XPEL) (the "Company"), a global provider of protective films and coatings, today announced that it has
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, today announced that it has acquired assets of the exclusive distributor of XPEL's products in the aftermarket in China.\n\n\nRyan Pape, President and Chief Executive Officer of XPEL, commented, \"We’ve invested heavily in the past several years to establish our direct go-to-market strategy in the top car markets of the world. China is, of course, the largest car market in the world. With this acquisition we’ve largely concluded this strategy in our key international markets.”\n\n\nThe acquired business is expected to have annual revenues of approximately $45 - $50 million which adds incremental revenue of approximately $13 - 18 million for the Company on a pro-forma basis.\n\n\nChris West, VP of XPEL Asia Pacific, said “Our distributor has done an amazing job helping cement XPEL as the premier brand in China for automotive films and this acquisition allows us to build on that foundation. We’re excited to add to our team in China and we believe our direct involvement will facilitate more OEM and 4S opportunities while allowing us to be more efficient and move faster to meet the needs of our Chinese customers.”\n\n\nThe transaction structure will result in the Company owning a 76% interest in the entity conducting business in China. The purchase was completed using a combination of cash, deferred payments and other contingent consideration.\n\n\nAbout XPEL, Inc.\n\n\nXPEL is a leading provider of protective films and coatings, including paint protection film, surface protection film, window films, and ceramic coatings in the automotive, architectural, and marine industries. 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\nForward-looking Statements\n\n\nThis release includes forward-looking statements (within the meaning of Section 27A of the Securities act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended) regarding XPEL, Inc. and its business, which may include, but is not limited to, anticipa...