Fix Auto Canada is acquiring Prime CarCare Group, Canadian owner of automotive brands Speedy Auto Service, 5 Gears Auto Care, Minute Muffler and Brake, and the Canadian master franchisor for Novus Glass.
“Fix Auto franchisees are among the most innovative and entrepreneurial in the business, and a significant portion of our glass and mechanical work is currently being sublet to third parties,” says Steve Leal, president and CEO of Fix Auto Canada. “This will create growth opportunities for all the franchisees in the system, and help deliver a more complete and consistent service offering to all our stakeholders.”
The transaction is expected to close within 30 days, and the terms of the deal were not disclosed. It is being partially funded by minority equity partner La Caisse de dépôt et placement du Québec.
“We see a great cultural and strategic fit with Fix Auto,” adds 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!”
Prime CarCare Group signed the agreement with Novus Glass to gain master franchise rights in Canada in February 2014.
Under the agreement, Prime CarCare Group gained the rights to establish Novus Glass franchise locations within its Speedy Auto Service and Minute Muffler and Brake brand locations throughout Canada. The agreement also provides for the coordinated development of new standalone locations throughout the country and the continued support of existing Novus Glass franchise stores.
Garry Skidmore, president of Novus Glass, said at the time, “The operational fit and excellent timing of this agreement will enable Novus Glass to quickly establish a national store network while adding value to the total service offering of Prime CarCare Group Inc.’s brands.”
In 2005, Belron Canada, a subsidiary of Belron S.A., signed an asset purchase agreement with TCG International Inc.’s Autostock International Division for the acquisition of its Canadian glass operations, headquartered in Burnaby, British Columbia. TCG International owns Novus Glass.
Autostock International Canadian’s Glass Operations provided services and solutions for automotive glass repair and replacement under three banners: Speedy Glass, Apple Auto Glass and Novus.