LKQ Corporation sells GSF Car Parts to Epiris

LKQ Corporation has sold aftermarket automotive parts supplier GSF Car Parts to Epiris Fund III, a private equity fund based in London.

The divestiture fulfils LKQ’s undertaking to the UK’s Competition and Markets Authority to sell the GSF business in connection with LKQ’s acquisition of Uni-Select Inc.

Rick Galloway, senior vice president and chief financial officer of LKQ Corporation, commented: “The proceeds from the sale of GSF will be utilised to reduce our total debt, putting us in a better position to begin implementing a more balanced capital allocation strategy, which includes share repurchases.”

Terms of the transaction have not been disclosed.