October 2 (SeeNews) - US-based automotive parts distributor LKQ Corporation said that it has merged its subsidiary Auto Kelly Bulgaria with Elit Kar, keeping only 20% equity interest in the combined business.
"We believe the Auto Kelly Bulgaria business will perform strongly under the leadership of Elit Kar, and we look forward to a successful partnership, as both an equity holder and supplier," Dominick Zarcone, president and chief executive officer of LKQ, said in a statement on Tuesday.
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The combined business, which will continue to operate under both the Elit Car Group and Auto Kelly brand names, will acquire parts from LKQ's aftermarket supply chain, the company noted.
No further details were disclosed.
LKQ Corporation is a leading provider of alternative and specialty parts to repair and accessorize automobiles and other vehicles, with operations in North America, Europe and Taiwan. In Europe, the company is present in 21 countries, employing more than 27,000 people and serving 700,000 customers through its network of 1,100 branches.