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. 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.
No financial terms were released, nor was the value of the Caisse’s investment.
“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!”
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