The disappearance of the mid-size auto glass replacement and repair company continues with the acquisition of Auto Glass Specialists by Glass America.
Announcement of the sale was made over the company's intranet system yesterday. The deal is slated to close in early September, and the announcement was termed "preliminary" with some final details to be worked out.
Earlier this year Glass America, headquartered in Chicago, purchased the assets of all but one of the Globe Amerada retail glass locations and Auto Glass Service LLC, which is headquartered in Murfreesboro, Tenn. Those acquisitions brought the number of Glass America locations to 94 in 20 states. However, Glass America had no retail locations in Wisconsin or Minnesota, and only two in Michigan (not in the AGS service area).
Auto Glass Specialists, Madison, Wis., was founded in 1961 and was family owned by the Birkhausers; in recent years it became an ESOP employee-owned company with Robert Birkhauser, president and CEO and son of the long-time owners Robert and Bette Birkhauser, retaining a substantial ownership position.
According to sources familiar with the transaction, the sale includes Performance Achievement Group and AEGIS Tools International. An offer has been made to retain all AGS employees.
glassBYTEs will provide further information on the transaction as it becomes available.
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